The pandemic’s disruption to the economy and to business models has spurred chief financial officers (CFOs) to re-examine the strategies they use to reach their end customers. And as part of those strategies, digitization is critical. Digitizing payment processes is helping many organizations continue to operate smoothly.
In “The Strategic Role of the CFO: Supporting the Strategic Role of the CFO Playbook,” a PYMNTS and Versapay collaboration, PYMNTS surveyed 400 CFOs at firms generating at least $25 million in annual revenue across the U.S.
See also: The Strategic Role of the CFO
About 63% of respondents said they are more interested than they were before the pandemic to increase the lifetime value of their customers.
Seventy percent of CFOs are digitizing their AR and AP processes because they consider it critical to increasing the lifetime value of their customers.
And in the bid to boost customer satisfaction, a vast majority – 86% – say such digitization improves customer satisfaction.