Customer expectations of financial services are changing, mainly due to digitization
Strong competition, stricter regulations and corporate governance requirements are daily realities for financial services organizations, while speed, accuracy and performance is essential for success.
Financial services companies often take an entrepreneurial and dynamic approach to purchasing, yet sometimes miss out on major strategic rewards.
A lack of real-time data for spend analysis 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.
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.
Organizational 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 organization.