The Banking and Financial Services (“BFS”) sector has under-performed in earnings and stock performance in the recent past, due largely to the burdens of excess regulation, the onslaught of intense global competition and the disruptive innovation by Fintech companies targeting Millennials.
Even now, BFS firms face potential top-line pressures from bond portfolio losses and decline in mortgage applications. BFS firms global third-party supply base continue to pose compliance risks in an uncertain regulatory environment. Reducing costs, mitigating supplier risk and improving digital efficiency is a key priority for Procurement and Finance executives.
The fundamental question is not whether BFS Firms should try to achieve the aforementioned objectives, but how they can most effectively be accomplished. The core solution to this challenge is to optimize the end-to-end Source-to-Pay and Supplier Risk Management process with a focus on improving savings, control, visibility and efficiency. Source-to-Pay automation offers the finely choreographed solution that BFS firms need to meet their strategic objectives.
Saved in the first year by a leading European bank
Cost reduction in hard-copy storage and retrieval cost by a leading finance services provider
Per year in savings on transaction processing by a banking and finance firm
for 66 entities across 60 countries by a major banking services provider
Current accessible spend data by a leading information services provider
Invoice matching accuracy by a leading government contract agency
— Vice President, Technology and Information Systems