Procurement Software for Banking and Financial Industry
The banking and financial services (B&FS) industry has been in a constant state of flux over the past several years.
It has been facing increasing regulatory stringency on one side and expanding expectations from digitally savvy consumers on the other. In such an environment, where agility and quick evolution have become critical corporate characteristics, procurement professionals in B&FS industries will support sustainable growth by:
- Spearheading Banking 3.0 technology choices to engender customer delight and provide user insights.
- Strengthening regulatory compliance and risk-mitigation processes in relation to suppliers and service providers.
Procurement and finance functions within the B&FS sector will work closely with CIOs, CTOs and CMOs to generate competitive operational excellence using sophisticated data analytics and making advanced technology decisions. Amplifying procurement’s role as a strong controlling function both internally and externally with banking supply networks - will assure your company’s position among banks of the future.
Banking and Financial Services Industry Challenges
The complexity facing the banking and financial services industry corresponds to certain very specific challenges:
- Rising costs of complying with tightening controls from numerous regulatory bodies such as the U.S. Office of the Comptroller of the Currency (OCC), Federal Reserve Board (FRB), Consumer Financial Protection Bureau (CFPB), European Central Bank, the Reserve Bank of Australia and so forth.
- Cascading complex control requirements both effectively and cost efficiently throughout B&FS supply and services networks.
- Maintaining self-sufficiency (especially among mid and smaller sized B&FS companies) as many compulsory functions become costlier without adding major competitive differentiation.
How We Can Help
Banking and financial services companies are expected to shift focus over the next several years, reemphasizing growth and innovation versus cost control and operational efficiency (as seen over the past several years).
However, operational efficiency and organizational agility will still play big roles in determining who succeeds and emerges as top global competitors in restructured global B&FS markets. While continuing to advance spend management practices internally, major emerging areas of emphasis for B&FS sourcing and procurement teams will be to ensure agile discovery of innovative potential partners along with advanced risk management, governance and control capabilities throughout supply and service provider networks.
Zycus’ SaaS modules for the Source-to-Pay cycle can help.
- Use SPEND ANALYSIS to obtain category-, supplier-, region- and even branch-level spend intelligence to guide capital allocation strategies, concentrate business with high-performing, compliant and low-risk suppliers and service providers and control costs associated with regulatory compliance. Read More
- Use eSOURCING to control supplier discovery, qualification and business-award processes, ensuring consistent and systematic capture and storage of data related to supplier risk (for example, certifications to various ISO, ISAE 3402 or SSAE 16 control standards and so forth). Read More
- Use CONTRACT MANAGEMENT to enable collaborative contract authoring and negotiation, while closely controlling access, ensuring information security and maintaining strict version and audit controls throughout contract lifecycles. Read More
- Use SUPPLIER MANAGEMENT to centralize, manage and maintain up-to-date records around critical supplier information-control certifications and other data (captured through eSOURCING/eRFX) and also to involve various stakeholders in devising customized performance scoring (KPIs) and supplier risk-based tiering criteria. Read More
- Use FINANCIAL SAVINGS MANAGEMENT to document both bottom- and top-line procurement performance contributions – from improving cost-to-income ratios, to optimizing working capital and increasing market valuation. Read More
- Use PROCURE-TO-PAY to promote operational efficiency and strict spend compliance, while freeing procurement talent to support both product and service innovation and continued development of advanced governance and supply risk-management practices. Read More