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Financial Services
The highly regulated Financial Services sector is under constant competitive pressure. Large, diversified organisations face challenges from smaller, more specialised and niche players, while the latter face their own issues in coping with rapid expansion.

Efficio assists both types of company with their procurement challenges. We work with large, multi-national banks such as HSBC and Lloyds as well as smaller companies including Close Brothers and TMF Group.

We deliver an impact on your cost base that is both immediate and sustainable, while effectively managing risks such as security and customer data protection. Our clients often need help to control not only legacy costs but also ‘cost to achieve transformation’ spend, for example the costs of separating retail and investment operations.

Efficio devises and executes pragmatic, customised cost management strategies, with an emphasis both on rapid and sustainable delivery - but, as importantly, the improvement of the client team's capability.

Analyse, develop, execute

We strive to be innovative in our approach, creating granular visibility of your cost/spend base before using analytics to develop the most appropriate routes forward. The firm uses leading edge commercial and contracting models, often incorporating relevant experience from other sectors and categories, and our focus is always on total cost of ownership rather than initial purchase price. It is crucial that the P&L impact is sustainably realised hence we ensure that benefits are tracked and managed.

We gain buy-in to our recommendations because we establish and work with facts and data to create and test pragmatic solutions. These are executed through an appropriate blend of onsite, offsite and offshore resources. 

Proprietary technology

Our technology platform – eFlow – supports the entire procurement lifecycle. The Financial Services sector has significant restrictions on the storage and movement of data, so eFlow has been optimised to be hosted on client servers, if necessary.

Within FS there is a huge amount of data being captured with Enterprise Resource Planning (ERP) and other finance-based systems that is not being analysed. Our visualisation platform allows our consultants and clients to quickly gain insight from big data, leading to new opportunities to deliver value.

Results

Efficio has successfully applied this approach with financial services companies from small niche to large-scale, and at levels from specifically tailored support to large turnkey solutions. Typically an ROI of over 6 is normal.

We build long-term relationships with clients, usually under fee arrangements, but we also aim to leave the skills, strategies and technologies to ensure that the benefits are sustained and carried further.

Safe as houses: Assisting UKAR’s separation programme through contract treatment
Case study
Safe as houses: Assisting UKAR’s separation programme through contract treatment

How Efficio supported the contract separation underpinning the outsourcing of the UK Asset Resolution’s (UKAR) mortgage servicing operation through contract treatment.

Is Procurement behind the new wave of innovation in banking?
Spotlight
Is Procurement behind the new wave of innovation in banking?

Three procurement leaders talk us through the current trends in financial services procurement

The CPOs taking procurement skills to a new industry
Spotlight
The CPOs taking procurement skills to a new industry

What are the challenges and opportunities for CPOs transferring to a new sector?

Procurement future is collaborative, say bank leaders
Interview
Procurement future is collaborative, say bank leaders

Joe Bakowski, Head of Procurement at Metro Bank, and Michael Whitby, CPO at Lloyds Bank, believe firms must join forces to drive more efficient ways of operating.

Insurance claims sourcing delivers savings and quality
Case study
Insurance claims sourcing delivers savings and quality

With claims sourcing, getting the balance between price and quality is a key issue for insurance companies. Efficio has experience developing new approaches.

Risks of contract separation in financial services M&A
Insight
Risks of contract separation in financial services M&A

Untangling the supply chain of a financial institution as it undergoes a restructure is a hugely complex process

3 M&A contract separation challenges and how to fix them
Guide
3 M&A contract separation challenges and how to fix them

Recognising the common pitfalls associated with contract separation in financial services restructuring will help you plan ahead and increase your chances of a more streamlined transaction.

Financial services procurement is not just about cost
Opinion
Financial services procurement is not just about cost

Fuller and earlier supply chain management is vital to moving Procurement beyond mere cost reduction and towards greater customer and business engagement