1-in-5 Billing Organizations Experienced Payments Data Theft in 2017
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. 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:
- 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.
- 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.
- 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.
- 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-optimized electronic bills are the biggest current development area, with just under half (49%) of all organizations currently adding new capabilities.
- Payments from a mobile-optimized website (46%) and text message (42%) are also popular payment methods in development.
- 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.
To read the full report visit: https://www.aciworldwide.com/billpayinsights