Study Finds Fraud and Risk Remain CFO Focus as Recession Looms

Forty-eight percent of CFOs say their investments in fraud and risk management systems were primarily designed to help maintain business operations amid the global economic upheaval caused by the pandemic. Now CFOs are determining which investments in digital technologies they need to continue making to negotiate the next wave of economic turmoil.

For “Digitization Strategies: How CFOs Are Prioritizing Digital Payments To Maximize Efficiency,” a PYMNTS and Corcentric collaboration, we surveyed 250 CFOs from retailers and manufacturers to assess the investments in digital payments platforms that have helped them most in surviving the pandemic and growing their business.

Key findings from the report include:

• Eighty-three percent of CFOs say that digitized platforms helped improve their companies’ fraud prevention and risk management functions. Digitized risk management systems’ importance came to the fore for many during the pandemic.

• Forty-four percent of companies have abandoned the investments in digital working capital and credit solutions they made to continue operating during the pandemic. As the effects of the pandemic have eased, many businesses have determined which applications merit continued investment and which they can do without.

• Eighty-four percent of CFOs believe the global economy will fall into a recession in the next six months, as their outlook has been clouded by high inflation, rising interest rates and volatility in the capital markets.

As companies continue to prioritize investments in digital payments platforms, many CFOs are discovering how these platforms are transforming their businesses.

To learn more about how companies are managing their investments in digital payments platforms, download the report.