The financial services sector has not been exempt from a seemingly ever-growing list of economic and operational challenges.
On top of the pressure to adapt to a continually evolving regulatory environment comes an increased focus on managing ESG (Environmental, Social and Governance) issues to increase accountability and transparency, demonstrate ethical investing, improve consumer protection, and reduce systemic risk. More recently, geopolitical events have added uncertainty and volatility to global markets, and the post-COVID-19 shift to digital working has compounded the difficulty of recruiting and retaining skilled staff to counter these pressures, as financial institutions shift to more permanent hybrid models or a move back to in-office working.
Traditional financial institutions are being further challenged by the rise of fintech, as new digital-first players enter the market, leading to increased competition and the need to adapt and innovate to remain relevant.
Transforming procurement in the financial services industry
As a global consulting practice dedicated to procurement and supply chain excellence, we understand how these issues impact core business functions and your bottom line. Our support extends to all segments of the financial services industry (banking, insurance, asset management, payments) and the full range of spending areas, including market data, payment processing, security software, claims, professional services, and facilities management.
We transform financial procurement into a vital, value-creating function focussed on influencing business priorities with streamlined third-party management processes for stakeholders and suppliers. We also support you with short-term resource constraints, helping you bridge these gaps by supplementing your team and ensuring all improvements are sustained in the long term by sharing our knowledge and tools along the way.
Digitally enhanced supply chain transparency
Repeatedly, we find that businesses have the systems in place to capture complex supplier data but cannot draw actionable insights. eFlow, our fully auditable digital procurement platform that sits on top of your systems, addresses this, providing access to rich data at the click of a button. eFlow is adaptable to your unique business needs, enabling informed decision-making and streamlined procurement activities, pre- and post-contract. We recognise the importance of data protection in the financial services sector and are fully accredited to handle sensitive data in eFlow*.
When combined with our procurement expertise, our digital platform delivers the supply chain transparency required to comply with highly regulated markets. By improving visibility of your organisation’s spend, we also enhance long-term, strategically-managed supplier relationships, ensuring you are dealing with the right suppliers with the right policies in place. You also gain the confidence that any data provided, such as ESG-related data, is accurate and offers satisfactory ROI.