What 500 CFOs Now Say Is Their 2023 Top Payments Priority

Businesses have dealt with unprecedented change in recent years and are preparing for what comes next. With the near-term economic outlook uncertain, many are reconsidering the distribution of their technology spending.

Companies are also considering whether they can realize bigger payoffs as the economy’s digital shift continues. Thirty-two percent of chief financial officers (CFOs) at healthcare companies and 23% of those at finance and insurance companies say their most important reason for investing in improvements to their working capital and credit systems is to expand their businesses.

In “Digital Payments: Changing Economy Sparks New Priorities for Systems Spending,” a PYMNTS and Corcentric collaboration, we survey 500 CFOs representing the healthcare, finance and insurance, retail and manufacturing sectors to assess their digital payments technology investment priorities and discover what benefits they expect to realize.

Some key findings from the report include the following:

• At least three in five CFOs report that their investments in digital payment processes have improved business operations.

Our data shows that 80% of manufacturing CFOs, 71% of retail CFOs and 73% of finance and insurance CFOs said their working capital and credit systems improved from their investments in digital payments technology. Just 59% of healthcare company CFOs said the investments in digital payments improved their operations.

• CFOs are planning to make future digital investments in payment processes and procurement systems.

Procurement had been an area many companies in the industries we studied had targeted for digital investment, but these systems are expected to receive a surge in investments: 45% of healthcare companies, 38% of finance and insurance businesses, 53% of retailers and 44% of manufacturers reported plans to invest in them.

• Economic uncertainty influences CFOs to plan investments in improving their accounts receivable, accounts payable, working capital and procurement systems.

More than 90% of all CFOs expect a global recession within the next year, spurring them to invest in improvements to their digital payments infrastructure. For example, 81% of retailers, 78% of manufacturers and 77% of finance and insurance companies said economic uncertainty was very or extremely influential in their decision to invest in procurement, though just 67% of healthcare companies said the same.

To learn more about the payments technology investments CFOs are prioritizing in 2023, download the playbook.