When it comes to the disruption and problems that exist within organizations ‘ financial communities, whether wealth is at rest, in motion, or at work, , says:” We commissioned this research to find out. The findings reveal the effects of imbalance in the cash cycle.
Pay tension and cyber-security
Most of the companies surveyed find it difficult to move money between items. Moving money through payment systems, according to more than half ( 51 % ) of respondents, causes more tension than other stages of the money lifecycle.
Despite the adoption of automated payment processing technology by 79 % of businesses, 57 % still experience transaction delays at least once per month.
The issue of security threats is persistent, with 37 % of executives reporting daily cyberthreat fights and 74 % reporting monthly critical risks.
Despite having a prioritization for fraud risk management, 53 % of businesses are unhappy with their scam response procedures.  ,
47 % of businesses don’t regularly educate employees on fraud and cyber awareness, which is still a problem.
Insurance companies use better methods in this regard, with 75 % of them relying on staff training to stop scams, up from the 48 % average across various industries.
methods for investing in technologies
According to the research, businesses with dedicated monetary technology teams are more prepared to deal with functional challenges.  ,
Of the businesses with specialized finance groups, 85 % reported being moderately or competent to deal with inconsequencies, computer risks, and compliance issues.
Additionally, these businesses demonstrated stronger economic results, with 83 % of them seeing revenue growth as a result of using integrated finance solutions. Businesses benefited from these investments an 8.5 % increase in sales on average.
Only 52 % of investment companies reported dedicated fintech teams, compared to 74 % across all industries surveyed, which is a gap in technology adoption in the insurance sector.