[April 09, 2018] |
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One in Five Organizations has Experienced Payments Data Theft Over the Past 12 Months
More than 80 percent of organizations that have been impacted by a data
breach have introduced a new security framework and 79 percent have
reduced employee access to customer data, according to new benchmark
data, "2018
Global Payments Insight Survey: Bill Pay Services," from ACI
Worldwide (NASDAQ: ACIW) and Ovum (News - Alert). The benchmark, comprised of
responses from executives at billing organizations such as consumer
finance, healthcare and higher education, also revealed that over 70
percent of organizations that experienced theft of payments data intend
to increase their investment in payments technology in 2018.
Other findings from the study include, but are not limited to:
Security
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Industry breakdown of payments data stolen in the past 12 months: 30
percent from government organizations, 26 percent from consumer
finance, 25 percent from healthcare, 21 percent from higher education,
17 percent from insurance and 13 percent from utility organizations.
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Across all industries, 36 percent of organizations believe they are at
a greater risk of data breach than a year ago. 44 percent agreed with
the view that: "My company would not invest in fraud solutions that
add friction to the customer experience." This sentiment is down from
57 percent a year ago.
Real-Time Payments
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More than 80 percent (82) of organizations believe real-time payments
will bring cost savings - up from 48 percent the prior year - while 77
percent believe that real-time will bring improvements in their
customer service.
Cloud Computing
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72 percent of respondents expect to move more of their organizations'
payment software to the cloud in the future, an increase of nearly 20
percent from last year, reinforcing strong uplift in the popularity of
cloud.
Mobile Payments
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Mobile-optimized electronic bills are the biggest current development
area, with just under half (49%) of all organizations currently adding
new capabilities.
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Payments from a mobile-optimized website (46%) and text message (42%)
are also popular payment methods in development.
Voice Payments
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Nearly 30 percent (28) of organizations are developing the voice
payment features for consumers to trigger payments, with a further 19
percent interested in exploring this area in the future.
"Security has clearly become a focus for organizations as it relates to
billing and payments, and with good reason," said Steve Kramer, vice
president, ACI Worldwide (News - Alert). "The potential reputational and financial
costs that could be incurred because of a breach are a major concern.
Organizations must protect themselves with advanced technologies such as
point-to-point encryption, tokenization and a private cloud."
"Tis year's survey has revealed that the balance between prioritizing
customer experience and protecting against data compromise has tipped
toward security," said Kieran Hines, head of industries, Ovum. "While
addressing security risks will remain a top priority, delivering both a
low-risk and low-friction customer experience will continue to drive
investment in modern payments and security technology."
To read the full report visit: https://www.aciworldwide.com/billpayinsights
See how executives plan to improve the customer experience and security.
Register for a free webinar on Thursday, May 17 at 2 p.m. ET on Top
10 New Ways to pay.
Methodology: For the 2018 Global Payment Information Survey,
Ovum and ACI Worldwide partnered to run a 22-question survey across a
global panel of executives, with a focus on retail banks, billing
organizations and merchants. The main topics of focus for the survey
include: IT investment plans around payment services, core business
objectives and priorities, attitudes toward fraud and security, payment
systems and architecture and plans and experiences around open banking
and real-time payments. The survey was conducted between December 2017
and January 2018 and provides insight into current thinking in the
industry across financial institutions, merchants and billing
organizations such as higher education, consumer finance and insurance.
Overall, it included a total of 1,032 executive respondents across 13
industry sub verticals in 10 countries, resulting in 225,000 separate
data points on current perceptions and investment plans around payments
technology on a global basis.
This paper focuses on the survey findings for billing organizations and
is one part of a four-part series based on Ovum's 2018 survey.
About ACI Worldwide ACI Worldwide, the Universal
Payments (UP) company, powers electronic
payments for more than 5,100 organizations around the world. More
than 1,000 of the largest financial institutions and intermediaries, as
well as thousands of global merchants, rely on ACI to execute $14
trillion each day in payments and securities. In addition, myriad
organizations utilize our electronic
bill presentment and payment services. Through our comprehensive
suite of software solutions delivered on customers' premises or through
ACI's private
cloud, we provide real-time, immediate
payments capabilities and enable the industry's most complete omni-channel
payments experience. To learn more about ACI, please visit www.aciworldwide.com.
You can also find us on Twitter (News - Alert) @ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2018. ACI, ACI Worldwide, ACI
Payment Systems, the ACI logo, ACI Universal Payments, UP, the UP logo,
ReD, PAY.ON (News - Alert) and all ACI product names are trademarks or registered
trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the
United States, other countries or both. Other parties' trademarks
referenced are the property of their respective owners.
Product roadmaps are for informational purposes only and may not be
incorporated into a contract or agreement. The development release and
timing of future product releases remains at ACI's sole discretion. ACI
is providing the following information in accordance with ACI's standard
product communication policies. Any resulting features, functionality,
and enhancements or timing of release of such features, functionality,
and enhancements are at the sole discretion of ACI and may be modified
without notice. All product roadmap or other similar information does
not represent a commitment to deliver any material, code, or
functionality, and should not be relied upon in making a purchasing
decision.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180409005236/en/
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