Businesses see digitization as an important strategy

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Ask companies about digitalization, and they’ll say it’s a ‘very’ or ‘extremely’ important strategy for improving their balance sheet management.

According to our research, these companies – in healthcare, finance and insurance, travel and transportation, retail and industrial manufacturing, have identified a few areas that they believe are very important for improvements. .

More than 90% of companies surveyed, including 100% of financial and insurance companies and 96% of healthcare or medical companies, say managing accounts payable (AP) and accounts receivable (AR) processes is a very important part of this improvement.

PYMNTS data also revealed that 96% of financial and insurance companies and 88% of medical and healthcare companies said overseeing their asset investments was very important to improving their balance sheet management.

Meanwhile, 59% of financial and insurance companies and half of health and medical companies surveyed said that managing their relationships with their sources of working capital is very important to managing their balance sheet.

Additionally, 50% of CFOs of medical or healthcare companies highlighted the importance of better access to working capital as a key part of balance sheet management.

All this work in digitizing the checkout process has led to a number of benefits, according to our research.

For example:

  • 84% of CFOs at finance and insurance companies and healthcare companies said that digitizing their payment processes strengthened their working capital management.
  • 94% of CFOs in finance and insurance companies and 80% of their counterparts in medical/healthcare companies say digitalization has improved their data security.
  • 83% of CFOs at finance and insurance companies and 58% of CFOs at medical and healthcare companies say that digitizing payment processes has helped improve their company’s ability to minimize payment fraud.

To learn more about the benefits of payment digitization for your business, download the new PYMNTS Business Payment Digitization Handbook, produced in collaboration with Corcentric.

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NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED IDENTITY VERIFICATION AFTER TRIING IT

On:Fifty-seven percent of consumers who used advanced identity verification methods such as voice recognition when contacting customer service say they would do it again. The Consumer Authentication Experiences report surveyed nearly 3,800 US consumers to find out how delivering innovative verification experiences helps businesses deliver superior customer service across all channels.

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