Four in five businesses in Singapore now use a fintech provider for at least some of their financial needs, according to a YouGov survey commissioned by Aspire.
However, most continue to use fintech alongside traditional banks.
The survey found that 80% of respondents had adopted a fintech provider in some capacity. Of these, 30% had switched fully, while 50% continued to use a traditional bank alongside a fintech provider.
Another 17% had not switched but were interested in doing so.
Among businesses that had not fully switched, 36% were very confident that a fintech provider could fully replace a traditional bank for their business banking needs.
Another 49% were somewhat confident, while 14% were neutral. A small minority reported low confidence.
“When we started Aspire, fintechs were barely in the consideration set for businesses,”
said Andrea Baronchelli, Co-founder and CEO of Aspire.
“So to see 80% of businesses now using fintech in some capacity shows how far the industry has come.”
He added that the shift remains at an early stage, with further opportunities emerging as business banking and financial software increasingly converge.
Fintech adoption is currently concentrated in core financial operations. The survey found that 61% of respondents use fintechs for business accounts and payments, while 53% use them for credit and financing.
Another 52% use fintech platforms for accounting integrations and 51% for payroll.
Practical concerns remain a barrier to switching
Among businesses that had not fully switched, 30% cited concerns about disruption to their operations during a transition. Another 30% pointed to data security concerns.
Meanwhile, 27% said they had no strong reason to switch because their existing provider was good enough.
Easier onboarding was one of the leading factors that could encourage businesses to switch providers, cited by 33% of respondents.
The findings suggest that further fintech adoption may depend not only on offering more services, but also on making it easier for businesses to move and consolidate their financial operations.
Businesses want AI and human support
Better customer support was also cited by 33% of respondents as a reason they would consider switching providers.
Nearly 80% said they wanted at least an equal level of human involvement in customer support. Of those surveyed, 10% preferred human-only support, while 30% wanted mostly human assistance with some automation.
Another 39% preferred an equal mix of human and automated support, while 21% favoured a mostly automated model with human backup.
AI integration and features were cited by 32% of respondents as a reason to switch providers, matching the proportion that selected faster transactions.
Lower fees were cited by 30%, while 28% pointed to better foreign exchange rates.
“Businesses are asking for more automation and strong human support at the same time,”
Baronchelli said.
“Those expectations aren’t necessarily at odds. Automation can take friction out of routine financial work, while people remain important when a business needs judgement, reassurance or help solving something more complex.”
Featured image credit: Edited by Fintech News Singapore, based on image by sekillerim05 via Magnific
