Here are this week’s favourite stories across business, tech and finance from our Head of PR, Bilal Mahmood. Happy reading!

Businesses should invest amid slowing growth

Businesses should invest for the future despite the current economic and political uncertainty, according to a report from the ICAEW.

“Businesses are in no rush to make major capital investments at the moment. With corporate balance sheets and profitability healthy, borrowing costs low and demand from the UK’s major trading partners strong, businesses could be investing now for the future,” said Michael Izza, ICAEW chief executive. Read more

Tech firms loom large in banks’ future

Aimee Donnellan details how banks are reacting to the threat of big tech firms taking their business, illustrated by the move into transaction services by the likes of Amazon, Google and Facebook.

One senior banker told the Times the threat that tech firms won’t stop at the payment industry is real: “The industry has to respond more effectively.” Read more

Millennials prefer SMEs

Research from Sodexo Engage shows that 47% of millennials think SMEs are the ideal business size to work for, with just 19% saying larger companies are the ideal size.

Iain McMath, CEO of Sodexo Engage, commented: “Millennials have captured the interest of academics and business leaders alike, but this is the first time we can definitively say that SMEs are their natural home and in fact, their preference.” Read more

SMEs discover benefits of cloud solutions

Research by Smith & Williamson reveals that 76% of SMEs and entrepreneurs are considering cloud-based solutions to improve efficiency.

Tom Edwards, associate director at the firm’s Birmingham office, says: “Businesses are waking up to the efficiency that cloud computing has to offer; from agile working to automation, real time information access to collaborative ways of working.” Read more

UK fintechs hold ambitious plans for growth

A new report on the UK’s fintech industry for the Treasury reveals businesses expect revenue growth to at least double in the next year.

The study found fintechs have received an average of £15m each in investment to date and 50% expect future funding rounds to exceed £2m, with 35% anticipating more than £5m. Read more