One survey tracked some people in this new field of business technology management to gauge their sentiments, motivations and challenges

In a June 2024 email-and-online survey of 500 payment decision makers* (customers of a payment platform but excluding those in consumer/retail banking) for their sentiments/aspirations, opportunities and challenges^, some findings were disclosed from the data.

First, 79% of respondents cited a belief that their employer required significant updates (or a complete overhaul) of their payment technology stack.

Second, 75% of respondents cited their belief that payments will become more critical to their organizations over the next five years. Some 76% indicated that their organizations’ leadership did not view payments as a strategic priority.

Third, a key objective for respondents from Australia, France, and Singapore was to reduce fraud and chargeback rates over the next 12 months. In the UK, the focus was, according to respondents, on introducing more automation and AI into payment processing. Meanwhile, respondents in the US indicated they were emphasizing enhancing customer experience.

Other findings
Fourth, some 46% of respondents indicated sentiments that greater support and endorsement from senior management was needed for goals to be achieved. Some 47% indicated that expanding payment knowledge across the organization, underscoring the cross-functional impact of payments, and the desire of payment leaders to unlock this potential, were crucial drivers.

Finally, 89% of respondents cited plans to invest in upgrading their payment systems, and 87% were considering leveraging a payment orchestration platform.

According to Gabriel Le Roux, CEO and co-founder, Primer, the firm that commissioned the survey: “The role of a payment leader was virtually non-existent a decade ago, but it has rapidly emerged as an essential function within many businesses. The key question is: how can payment leaders ignite growth for their organizations?”

Le Roux asserted that modernizing the tech stack to offer more “optionality, flexibility, and optimization” are important in “the fast-changing and fragmented payments landscape.”