This post was originally published on Finextra (Security)
Businesses and technology firms in the UK are losing on average £70 million a year due to the cost of disharmony throughout the money lifecycle, according to landmark research by global financial technology leader FIS (NYSE: FIS), in collaboration with Oxford Economics.
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In two global surveys of more than 1,000 C-suite business and technology leaders across six different industries, FIS has quantified the true impact of financial, operational and technological disharmony, defined as disruptions and inefficiencies across the money lifecycle, on firms in the US, the UK and Singapore.
“The Harmony Gap: Finding the Financial Upside in Uncertainty” study reveals that disharmony is costing UK businesses on average £70 million per year (equivalent to $89.6 million), with friction in financial systems and processes leading to operational bottlenecks, reputational damage and lost revenue opportunities. However, these costs are lower than those faced by their global counterparts, with disharmony in the money lifecycle costing Singapore businesses $95.7 million and US businesses $108.0 million, according to the study.
Tension when money is in motion
Nearly half (47%) of UK respondents to the surveys reported that their
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