FIS and Oxford Economics Unveil Research Highlighting Financial Losses from Cyberthreats and Inefficiencies

The study, titled "The Harmony Gap: Finding the Financial Upside in Uncertainty," is based on comprehensive surveys of 1,000 C-suite executives and technology leaders across diverse industries in the U.S., U.K., and Singapore. The research identifies nine key sources of disharmony affecting the financial ecosystem of organizations, with cyberthreats (88%), fraud (79%), and regulatory complexities (65%) emerging as the leading concerns.

Stephanie Ferris, CEO and president of FIS, emphasized the importance of this research: “Our goal is to empower businesses to overcome these challenges and identify opportunities to create value amidst rising economic uncertainty.” Ferris underscored that achieving harmony in financial systems can unlock additional capital for innovation and competitive advantage.

The research unveiled several critical insights regarding the financial landscape:

The movement of funds is essential for business operations, yet 51% of respondents reported greater tension during transactions. Although 79% have adopted automated payment processing, 57% still encounter monthly transaction delays, indicating inefficiencies that could further exacerbate losses.

Cybersecurity and fraud emerged as significant pain points. Notably, 37% of respondents experience cyberthreats on a daily basis, while 74% deal with serious threats monthly. Despite prioritizing fraud risk management—83% of companies reported this focus—53% expressed dissatisfaction with their current response strategies, highlighting a critical gap in preparedness.

The study emphasizes the importance of dedicated fintech teams in mitigating these challenges. A remarkable 85% of leaders from organizations with such teams felt well-equipped to tackle issues related to inefficiencies and compliance failures. Moreover, companies with fintech teams reported higher revenue growth—83% noted increased sales after implementing fintech solutions.

In contrast, the insurance sector lagged in fintech adoption, with only 52% of leaders indicating they have a dedicated fintech team.

As organizations increasingly invest in AI and automation, the survey highlighted both optimism and obstacles. While 55% of respondents are pursuing innovative technologies like generative AI and machine learning, 73% cited high implementation costs as a barrier. Nonetheless, 56% anticipate AI will enhance their agility in responding to market dynamics.

Bianca Fisher, research manager at Oxford Economics, remarked on the significance of the research: “This unique analysis has allowed us to identify the cost of financial disharmony and how it can hinder organizational growth and innovation.”

FIS plans to unveil the complete results of "The Harmony Gap" study at its upcoming Emerald conference in May. This comprehensive analysis aims to provide businesses with actionable insights on how to leverage technology solutions to enhance efficiency, security, and strategic decision-making.

Fidelity National Information Services Inc. continues to demonstrate its commitment to understanding the complexities of the financial technology landscape. As businesses navigate the challenges posed by cyberthreats and operational inefficiencies, the insights from this research will be invaluable in shaping their strategies for growth and resilience in an increasingly uncertain economic environment.