Customer expectations of financial services are changing
Strong competition, stricter regulations and corporate governance requirements are daily realities for financial services organisations, while speed, accuracy and performance is essential for attracting, supporting and retaining clients. Your procurement and finance decisions play a pivotal role as to whether your organisation can meet the rising expectations and requirements.
For example, a lack of real-time data for spend management means banks and others can fail to spot opportunities to take advantage of purchasing trends, manage suppliers better and improve sourcing – on everything from office and IT supplies to building maintenance. And while companies understand the value of risk management and the threat of fines, they don't always see serious vulnerabilities that exist within their supplier base – or know how to manage due diligence across thousands of suppliers, categories and countries.
Organisational challenges can flare up too. Mergers, acquisitions and the separation of some retail and investment operations – ordered by regulators – can cause problems when disparate teams, legacy systems and data fail to fit the new shape of an organisation. Traditional operating models cannot cope with so many fast-moving pieces.