Procurement Software for Banking and Financial Industry
Procurement Software for Banking and Financial Industry
Stringent regulatory norms and stiff competition is challenging Procurement teams.
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
The BFSI industry is challenged to:
- Spearhead Banking 5.0 technology choices to engender customer delight and provide useful insights
- Strengthen regulatory compliance and risk-mitigation processes concerning suppliers and service providers
Procurement and finance functions within the BFSI sector will work closely with CIOs, CTOs, and CMOs to generate competitive operational excellence using sophisticated data analytics and making advanced technology decisions.
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.
Spend Analysis
Use SPEND ANALYSIS to gain timely, accurate, complete, and detailed visibility into spending.
Contract Management
Use CONTRACT MANAGEMENT to minimize risk and meet statutory requirements with ease.
Financial Savings Management
Use FINANCIAL SAVINGS MANAGEMENT to meet cost savings targets and increase profitability
eSOURCING
Utilize our intelligent STRATEGIC SOURCING to obtain goods and services at best value.
Supplier Management
Use SUPPLIER MANAGEMENT to store supplier information and drive continuous improvement in supplier performance.
