In addition, 24% do not understand how fintechs could help them, according to research by Centtrip, a leader in intelligent treasury management, payments and foreign exchange.
The firm surveyed more than 500 chief executives, chief financial officers and managing directors at UK companies and found that businesses that have decided not to partner with fintech firms cited their existing relationship with a bank (33%) and the difficulties of training staff to operate new technology (22%) as key reasons for their decisions.
However, well over half of those surveyed (56%) think fintechs offer services that high-street banks cannot, saying fintechs were more flexible than banks, and 54% said fintechs were better at helping businesses reduce costs. In addition, 42% of respondents said they trust fintech companies with their finances more than banks, with only 20% preferring to deal with high-street banks.
Read the article in full: The Fintech Times