CFOs are accelerating the digitization of their payments

Fifty-nine percent of chief financial officers (CFOs) consider payment digitization to be “very” or “extremely” important to improving their bottom lines, according to “Business Payments Digitization,” a collaboration between PYMNTS and Corcentric based on a survey of 400 CFOs. of five industries.

Get the report: Digitization of commercial payments

The share is highest in finance and insurance, with 71% of CFOs in this sector saying digitizing payments is “very” or “extremely” important to their balance sheets. In the health and medical, travel and transport, and retail sectors, the share is around 60%. Interest is lowest in industrials and manufacturing, with 45% of CFOs expecting gains from payment processes.

Most CFOs have accelerated their efforts to digitize payments since the pandemic began. The share of CFOs who have done so varies by sector, ranging from a low of 50% in industrials and manufacturing to a high of 85% in healthcare and medical.

Between 19% and 48% of CFOs have accelerated their payments digitization efforts specifically to improve the health of their balance sheet. The share of respondents saying this was their motivation ranges from a low of 19% in industrial and manufacturing to a high of 48% in finance and insurance and in medical and healthcare .

This acceleration in the digitization of payments has also brought other benefits to their businesses. Data security is the benefit cited by the largest proportion of CFOs in the finance and insurance industry.

In the other four industries included in the study, employee satisfaction is the benefit cited by the largest percentage of CFOs.

CFOs also say the transition to digital payments has had a positive impact on working capital, reduced fraud and supplier relationships.

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