Top 6 Reasons to Automate Source to Pay for Banking and Financial Services

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.

In the current economic climate of rising interest rates (resulting in bond portfolio losses and decline in mortgage and credit applications), strengthen US Dollar (resulting in under-statement of global revenues) and heavy third-party regulatory compliance obligations, BFS Firms cannot fully control their topline. However, Procurement and Finance Leaders at BFS Firms do have control over their bottom line.

The fundamental question is not whether BFS Firms should try to achieve the 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.

A comprehensive and easy to use source-to-pay tool set makes it easier for BFS firms to achieve strategic objectives:

1. Reduce costs
2. Improve control
3. Increase efficiency
4. Lower risk
5. Accelerate innovation
6. Enable growth

Dive into this in more detail: see how Ivalua helps Banking and Financial Services Find Value Beyond Savings