The appetite for fintech investment by financial services companies looks set to continue over the next three years despite concerns about Brexit, according to a new survey of the sectors.

In The ABC Of Fintech compiled by international law firm Mayer Brown, all 70 UK-led financial services companies said they expected to purchase a product or commission work from a fintech company over the next three years to keep pace with the quickly changing sector.

The firms said they also wanted to cut costs at a time when the economy comes under pressure from the uncertainty caused by Britain leaving the EU.

Mark Prinsley, head of the Intellectual Property & IT group in London at Mayer Brown, based in Bishopsgate , said: “Larger financial services firms are having to get more flexible with their models. They have shown a willingness to invest in, or at least expose themselves to, new types of business that they would not have considered even a few years ago.”

The survey reveals that collaboration between the two sectors has led to few outright acquisitions of fintech companies by financial services firms.

Of the 50 UK-led fintech companies surveyed, more than half favoured acquisition by a financial services firm as their exit strategy, although the financial services sector indicated that acquisitions were not in their plans.

Peter Dickinson, co-head of the global Business & Technology Sourcing group at Mayer Brown, said: “M&A levels are pretty low right now, which has certainly had a dampening effect on these particular markets.”

There are signs of growing pessimism about the Brexit effect in the report, with 60% of financial services and 76% of fintech survey respondents believing uncertainty will slow the growth of the fintech market. However, the drive to integrate new and old financial approaches will continue.

Peter said: “The benefits of exposure to technologies that will drive down cost, boost customer engagement and open up new markets far outweigh potential downsides from various Brexit outcomes.”