CFOs want the corporate payment tools consumers have
84% of CFOs see major change in business payments
Six out of 10 chief financial officers from mid-market and large corporate firms in the UK say they would like to see the same flexible payments technology in their business’ finances as they enjoy in their personal finances, according to a survey by HSBC.
Innovations such as contactless payments and mobile banking have helped provide improved speed, reliability and control for individuals and CFOs believe new technology could deliver similar benefits in their payments and cash management systems.
Of the CFOs that embrace consumer payments technology, 84% foresee a major change in their business payments systems over the next five years. They are also 50% more likely to be aware of new business payments systems and 70% more likely to place a priority on their adoption.
The findings also show that more than half of the CFOs (54%) believe payments and cash management has become more important to the success of their business in the last five years.
Commenting on the findings, Frances Howell, HSBC’s UK Head of Payments and Cash Management, said: “There is significant technological change going on at the moment in terms of payments. The first place CFOs will likely experience new technology is in their personal lives and this can lead them to ask why they do not have the same levels of convenience at work.”
The findings highlight distinctions in attitude between mid-market and large corporate CFOs. Despite viewing payments and cash management as more important to their business’ success and a greater opportunity, only 29% of mid-market CFOs have adopted two or more new payments systems in the past three years, compared to almost half (49%) of all larger firms.
HSBC UK CFO survey: key findings
- 59% of CFOs want the same flexible technology in their business’ finances as in their personal finances
- 84% of CFOs who use consumer payments technology foresee a major change in their business payments systems over the next five years.
- CFOs who use consumer payments technology are 50% more likely to be aware of new business payments technology and 70% more likely to prioritise their adoption
- 54%: the percentage of CFOs who believe payments and cash management has become more important to their business’ success over the past five years
- Mid-market CFOs are a fifth (21%) more likely than their large corporate counterparts to view payments and cash management as important to the success of their business; and,
- A third (34%) more likely to see new payments technology as an opportunity
- 48% of larger firms’ CFOs have adopted two or more new payments systems in the past three years – compared to only 29% of mid-market CFOs
