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The Harmony Gap
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The Harmony Gap

Finding the financial upsidein uncertainty

Unlock insights to help you reduce tensionsand restore harmony in the money lifecycle

Scroll
The Harmony Gap

Finding the financial upsidein uncertainty

Unlock insights to help you reduce tensions
and restore harmony in the money lifecycle

Scroll

Businesses identified cyberthreats, fraud and regulatory complexities as the three most costly sources of tension.

This disharmony is causing their organizations to lose out on an average of $98.5 million per year.

Question: To the best of your ability, please estimate the total annual cost attributed to each of the following sources of tension within the financial technology ecosystem of your organization.

$50M
$40M
$30M
$20M
$10M
$0M
Average: $
0
M
Cyberthreats
Average: $
0
M
Fraud
Average: $
0
M
Regulatory and compliance issues
Average: $
0
M
Operational inefficiencies
Average: $
0
M
Human errors and reworks
Average: $
0
M
Financial losses due to reputation erosion
Average: $
0
M
Friction in payments and processing
Average: $
0
M
Financial technology skills gaps
Average: $
0
M
Illiquidity

The cost of disharmony is highest among technology companies, followed by insurance, financial services and fintech respondents.

Question: To the best of your ability, please estimate the total annual cost attributed to each of the following sources of tension within the financial technology ecosystem of your organization.

$125M
$100M
$75M
$50M
$25M
$0M
Average: $
0
M
Technology / Big tech
Average: $
0
M
Insurance
Average: $
0
M
Financial services
Average: $
0
M
Fintech

The average cost of disharmony is greatest in
the U.S., followed by Singapore and the UK.

United States
$
0
M

per year

Singapore
$
0
M

per year

United Kingdom
$
0
M

per year

Organizations reported facing the most friction in the "money in motion" phase of the money lifecycle.

Question: At which stage of your organization's financial lifecycle do you experience the most significant sources of tension in its financial technology ecosystem?

When money is moving, funds are transferred between accounts and entities (e.g. payments, treasury, risk management).
0
%
When money is put to work, funds are actively used to generate returns or meet specific goals (e.g. trading, lending, wealth management, retirement planning).
0
%
When money is stored, funds are stored at financial institutions for the purpose of safekeeping (e.g. core banking, digital banking).
0
%
Co-workers review code on a large desktop computer screen.

More than one-third of respondents said their company faces cyberthreats daily.

Only about half of companies surveyed regularly train employees on fraud detection and prevention.

Insurance firms buck the trend; 75% of insurance companies rely on employee training for fraud prevention, compared to an average of 48% across all sectors surveyed.

Question: What methods of fraud detection and prevention has your organization implemented? -- Employee training programs

Insurance
0
%
Technology / Big tech
0
%
Financial services
0
%
Fintech
0
%

Roughly one in four companies surveyed currently does not have dedicated fintech teams

Question: Does your organization have a dedicated team(s) for managing the adoption of financial technology solutions?

All
Yes
No
No, but we plan to establish one
United States
Yes
No
No, but we plan to establish one
United Kingdom
Yes
No
No, but we plan to establish one
Singapore
Yes
No
No, but we plan to establish one
Yes
No
No, but we plan to establish one

Over four-fifths of surveyed executives said they have implemented embedded finance solutions, realizing an average 8.5% growth in sales.

Question: Since implementing embedded finance solutions, has your organization experienced an increase in sales?

Yes
No

Those that have implemented embedded finance solutions report an average sales increase of 8.5%.

85% of organizations that have dedicated fintech teams feel moderately or very well-prepared to address challenges in their financial technology ecosystem.

Question: How prepared is your organization to handle challenges within its financial technology ecosystem? -- Respondents who have dedicated fintech teams

Very well-prepared
Moderately prepared
Somewhat prepared
Slightly prepared (0%)
Not prepared at all (0%)

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