WEX Survey Reveals CFOs’ Thoughts on Future of Payments
June 22 2017 - 6:45AM
Business Wire
First Annual ‘Payments Pulse’ Survey Reveals
More than Three-Quarters of Responding CFOs Agree Payments
Providers Should Offer More Innovative Technologies
WEX Inc. (NYSE: WEX), a leading provider of corporate payment
solutions, unveiled the results of a third-party survey conducted
to gauge public and private company chief financial officers’ views
of the payments processing landscape.
The survey of 500 CFOs around the United States found that
nearly three-quarters of respondents (72 percent) already have an
electronic payables initiative underway, while 26 percent are
considering one—with 93 percent of those respondents indicating
that they are working to launch an electronic payables system in
the next six to 12 months. Further, more than half of respondents
(57 percent) are currently outsourcing platforms or technology to
perform accounts payable functions.
The data uncovered five key trends:
- It’s not the startups; payment
processing companies are most likely to disrupt the industry.
When asked which group within the marketplace is most likely to
disrupt the payments industry in the next 12 to 24 months, 39
percent of respondents answered payments processing companies, 32
percent believe it will be big banks, and only 16 percent believe
it will be FinTech startups.
- Mobile reigns supreme of all the
emerging technologies. While respondents overwhelming agree
that all new technologies will be important to their business in
the next two years, the majority are most concerned with mobile
payments and mobile capabilities to manage and approve payments (55
percent), with blockchain a close second (54 percent), followed by
cloud payments (48 percent) and data mining (46 percent). Despite
the buzz around virtual reality and machine-based learning, these
two technologies ranked at the bottom of the list.
- CFOs are confident they understand
blockchain. Nearly two-thirds of respondents (61 percent) are
extremely confident in their understanding of the function and
capabilities of blockchain or distributed ledger technologies, with
35 percent citing they are somewhat confident. Half of CFOs expect
blockchain to change how their account payables operate in the next
six to 12 months, and another 44 percent believe it will allow
their business to scale more quickly and internationally.
- Ability to transact in international
currencies is increasingly important. Nearly two-thirds of CFOs
(64 percent) believe it’s very important to their business to be
able to transact in international currencies. Notably, companies
with annual revenue more than $51 million put extra weight on
foreign currency transactions, with more than three-quarters (76
percent) citing this feature as “very important.”
- Customer experience is key when it
comes to selecting a payments platform. When asked to check all
that apply, 71 percent of respondents cited overall user experience
as the most influential criteria for selecting a payments platform,
60 percent cited speed of reconciliation capabilities, and 60
percent also selected reporting analytics.
“It’s interesting to see how top decision makers are thinking
about payments in the near future,” said Jim Pratt, SVP and GM
Virtual Payments Global, WEX Inc. “The fact that so many CFOs
believe the payments processing companies will be the true
disruptors is a strong vote of confidence and motivation to
continue our research and product development. At WEX, we strive to
constantly innovate while providing top-notch customer service, new
analytics capabilities and unparalleled payments security.”
When it comes to identifying attributes of a payments provider,
69 percent said customer service was very important, followed by 67
percent citing security and 58 percent seeking knowledgeable IT
support.
MethodologyIn May 2017, WEX commissioned Zogby Analytics
to conduct an online survey of 500 chief financial officers
nationwide. Based on a confidence interval of 95 percent, the
margin of error is +/- 4.4 percentage points.
About WEX Inc.WEX Inc. (NYSE: WEX) is a leading provider
of corporate payment solutions. From its roots in fleet card
payments beginning in 1983, WEX has expanded the scope of its
business into a multi-channel provider of corporate payment
solutions representing 10 million vehicles and offering exceptional
payment security and control across a wide spectrum of business
sectors. WEX serves a global set of customers and partners through
its operations around the world, with offices in the United States,
Australia, New Zealand, Brazil, the United Kingdom, Italy, France,
Germany, Norway and Singapore. WEX and its subsidiaries employ more
than 2,700 associates. The company has been publicly traded since
2005, and is listed on the New York Stock Exchange under the ticker
symbol “WEX.” For more information, visit www.wexinc.com and follow
WEX on Twitter at @WEXIncNews.
About Zogby AnalyticsZogby 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 multi-phased 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170622005108/en/
WEX Inc.Kelsey Thompson,
412-855-5332kelsey.thompson@havas.comorRob Gould,
207-523-7429rob.gould@wexinc.com
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