Concepts such as artificial intelligence (AI), machine learning, big data and blockchain are bandied about often during conferences, boardroom gatherings and other strategy sessions.
But a research project from AvidXchange showed that business-to-business service providers still are grappling with what exactly these technologies are and how they can be used to improve operations.
The payment automation solutions provider recently released new insights on the future of fintech at REVx, its annual gathering of industry experts, thought leaders and finance professionals. Developed in collaboration with Levvel Research, AvidXchange compiled a white paper. The project revealed that while B2B companies are becoming more knowledgeable about using disruptive technologies to transform financial processes, most are unaware of how innovations like artificial intelligence (AI), machine learning, big data and blockchain are changing the way they work.
Of the fintech trends analyzed, AvidXchange found that AI is the most familiar to users, with 43% aware of its use in fintech applications and 83% citing AI as a strategic priority.
In parallel, AvidXchange discovered 84% of businesses believe AI will give them a competitive advance, and 75% believe it will allow them to expand lines of business by entering new ventures.
In contrast, AvidXchange learned that blockchain was the most alien of the emerging technologies with just over one in four respondents aware of its role in fintech despite increasing momentum behind blockchain applications in the B2B space.
White paper authors went on to note machine learning and big data finished squarely in the middle, with 34 and 33%, respectively, confirming knowledge of daily touchpoints with these technologies.
“B2B fintech has evolved from on-premise accounting systems that help customers manage financial data to dynamic, cloud-based solutions that are impacting almost every area of the business,” AvidXchange chief growth officer Dan Drees said.
“Despite this progress, there are still a significant number of companies who haven’t embraced fintech. Understanding why and helping businesses adopt it will be the primary challenge for the financial services industry as we move forward,” Drees went on to say.
Collectively, AvidXchange explained the lack of familiarity with disruptive technologies indicates a significant area of opportunity for businesses to close this knowledge gap by learning more about fintech innovations and how they will alter the way companies operate in the immediate future.
To read more about how AvidXchange sees emerging technologies impacting the B2B fintech space and being embraced by customers, download the full white paper at this website.