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WEX Survey Looks at Senior Finance Executives’ Take on Payments Security
Part II of 2018 ‘Payments Pulse’ Survey Indicates the Strong Emphasis Placed on Combating Payments Fraud and Security Breach
The survey of more than 1,000 CFOs and senior financial executives from
More than half of American executives—53 percent—and almost half of the European executives we polled—49 percent—“strongly agree” that they are very concerned about information security relating to payments. In stark contrast, 26 percent of the Asian executives surveyed answered that they “strongly agree.” Still, between 58 percent and 68 percent of respondents from all regions rated security of transactions as the most important attribute of a payments solution.
The data uncovered additional key trends, including:
- CFOs value security enhancements and speed: Executives in all regions anticipate that new technology will impact their business when it comes to security: namely, more secure payments (62 percent) and faster and more secure cross-border payments (57 percent).
- Information security and payments fraud are top of mind. In the
U.S. the concern about information security (52 percent “strongly
agree” that they are very concerned) is aligned with the incidence of
payments fraud or misuse—52 percent have experienced one or the other
in the past six months. In
Asia, just 26 percent of the executives we questioned express the same level of concern—which makes senses, since only 24 percent have experienced fraud or misuse in the same time period.
- Financial services executives have high expectations of payments
providers when it comes to security. Across the board, there is
agreement that security of transactions is the most important
attribute of payments for their business, with 62 percent ranking it
“very important.” When selecting a payments provider, the
Asia/ Oceaniaexecutives surveyed strongly valued security of a provider’s systems and transactions (though it was second to cost/fee structure in impacting their choices).
- The cloud is now, and CFOs think blockchain may be the future. Almost all of those surveyed—92 percent—indicate that their business is currently using cloud-based payments platforms. A full 84 percent trust cloud-based systems more than locally hosted ERP/AP systems to keep account payables secure. Surveyed executives are very optimistic regarding the effect of blockchain on their own businesses, expecting the technology to pave the way for more-secure payments
“The insights we glean from our Payments Pulse surveys allow WEX to be
at the forefront of what’s important to financial executives regarding
the payments ecosystem,” said
WEX commissioned Zogby Analytics to conduct an online survey of CFOs and senior financial executives in the U.S.,
Powered by the belief that complex payment systems can be made simple,
About Zogby Analytics
Zogby Analytics is respected nationally and internationally for its opinion research capabilities. Since 1984, Zogby has empowered clients with powerful information and knowledge critical for making informed strategic decisions. The firm conducts multiphased opinion research engagements for banking and financial services institutions, insurance companies, hospitals and medical centers, retailers and developers, religious institutions, cultural organizations, colleges and universities, IT companies, and federal agencies. Zogby’s dedication and commitment to excellence and accuracy are reflected in its state-of-the-art opinion research capabilities and objective analysis and consultation.
Elisabeth Andrews, 207-523-6121