Global financial markets witnessed turbulent conditions during the most part of 2007-08 as losses on US sub-prime mortgage loans escalated into widespread financial stress, raising fears about stability of banks and other financial institutions. Despite recent rise in profit, the growth in the banking sector was still slower than expected.
New banking regulations on the horizon in the form of Basel III norms which require them to hold more capital and low-yielding liquidity coupled with low economic growth could translate into unprofitable business lines and drive up costs for customers. This can lead to negligible business expansion in the coming years. Low levels of demand have also stirred uneasiness in the financial sector with fears looming large of stagnant growth.
This whitepaper on 'Leveraging procurement technology in BFSI Sector' will focus on how BFSI sector can leverage on procurement technology to offset the challenges of downturn and pressure on the bottom line with emphasis on the importance of clean data to realize savings.