Good morning. During the high economic uncertainty, companies often seek to determine ways to create value and investment. But it may be difficult for the company to do if you lose millions annually.
Fidelity National Information Services, or FIS, FINTECH, led by CEO Stephanie Ferris, has released a new research in cooperation with Oxford Economics. Companies lose an average of $ 98.5 million annually due to issues such as electronic threats (88 %), fraud (79 %), and organizational complications (65 %). Results are based on two global policy and technology polls, which number 1,000 C-SUITE in six different industries.
Fintech speaks with customers regularly about the Money -MayEy life cycle in a state of rest, movement, and at work – and the friction they are testing, First BHATHENA, the chief technology official in Fis, tell me. He said: “But what was missing was determining his quantity.” “You have this instinctive feeling that it is worth the investigation.” So Fis started searching, and data “really helps us to understand the scope of the problem, which is big.”
Hatheena said that the payments that take longer than usual or not pass, and suffering from cybersecurity threats without the ability to discover fraud quickly are some examples of issues in the money cycle. In addition, financial technology skills gaps, reputation damage, and human error are also issues. He said: “You may not always be able to get rid of human participation, but you can definitely put checks and balances to ensure that the probability of making mistakes is very low.”
Why do you think that many companies have become ineffective in these areas? “These are companies in different industries,” he explained. “The way to change technology these days, they had to deal with change in their business, and they were all at different levels of preparation.”
He said that we are no longer in days of the slow gradual changes in technology. “Think of the fall of 2022 when General AI exploded to the scene,” he told me to Hatheena. Technology experts were aware of technology. “But for most of the world, it was as if this thing did not come out of anywhere,” he said. “I had someone describing it in this way – it’s like a 20 -year -old revolution in its manufacture.”
Bhathena said that dealing with this change has proven a challenge for companies, especially for the major companies that used to do business in a certain way. according to Wiping resultsThe respondents from companies that have dedicated teams to implement and manage financial technology-at home or use external sources-to report more willingness to face the main challenges.
Does he have any advice? “You should be bold but not reckless,” he said. “You need to look at what is available on the technological scene and the appropriate investments.”
Sherrill Istra
Sheryl.strada@fortune.com
This story was originally shown on Fortune.com
