The latest edition of the Plimsoll UK Financial Software report shows that almost half of the companies analysed have been given a rating of ‘Strong’. Based on the Plimsoll Model, which highlights the financial health of each company over four years, the fact that such a high proportion of companies have received the highest rating is a clear indication that the industry is thriving.
Click here to see our infographic summarising the findings of the analysis: financial software
There are a number of explanations for this recent success. The UK is a leading provider of financial services, and this is sector is particularly well adapted to the incorporation of new technological developments into its products and services. Such innovation is also wide-ranging, proving popular with both companies and consumers.
However, with giants Salesforce, IBM and Uber recently announcing investment and expansion into the French technology market, now could prove a pivotal time for the competition in the UK. The software sector as a whole is heavily reliant on talented employees; concerns have been raised due to the high percentage of workers currently hired from outside the UK - something which could be threatened post-Brexit.
Furthermore, much of the success of the financial software industry can be attributed to new start-ups; in order to boost such companies for the future it is important that these companies are given the necessary resources to grow.
It is also essential that businesses throughout the UK have access to opportunities and funding, not just those in the capital. This is something that politicians are also keen to encourage; last week Chancellor Philip Hammond announced plans for two new “fintech envoys” to ensure growth across every region of the country.
In an industry synonymous with new developments and innovation, it is not enough for companies to rely on past successes if they want to remain competitive. Business leaders and decision-makers must also do everything they can to anticipate future trends in order for the UK to remain at the forefront of the financial software sector in years to come.
The Plimsoll Analysis provides detailed information about the financial software industry, including constantly updated opinions on the values and prospects of the leading companies. Our online platform TALAT allows for the monitoring of the latest industry data on both a regional and national basis.
To find out more about the Financial Software analysis, click here or call 01642 626422 for more information.