Financial Services

Financial Services Procurement: The Risk of Stagnation

The financial services sector has had a rocky few years largely due to the burdens of excess regulation, the onslaught of intense global competition and the overwhelming rise of Fintech companies globally. The industry is also in the midst of massive transformation across the board, largely driven by digital technologies. The impact of which is already being felt across the value chain from suppliers and partners to end customers.

As these changes take form, it is critical for financial service providers to keep an eye on costs, risk and compliance, efficiency and overall visibility into supplier relationships. This industry has always been under the highest scrutiny and this will continue for the foreseeable future, it is paramount therefore to have technologies that can evolve with the times and be flexible. Procurement is well-positioned to generate lasting value for the business and support.

Ivalua for Financial Services

Ivalua has successfully empowered Procurement organizations within this industry to make an impact on indirect and services spend and suppliers. Our highly configurable and flexible source-to-pay cloud platform with its third-party risk management capabilities has generated lasting value for our Financial Services customers.

We needed a comprehensive solution that would allow us to more effectively manage the source-to-pay process, as well as improve enterprise visibility into supplier performance and risk. Ivalua’s integrated solution and experience in the financial services industry made it the clear choice for us.
John Moran Senior Vice President, Scotiabank

Our financial services customers have seen tremendous results:

$88M

Saved in the first year by a leading European bank

30%

Cost reduction in hard-copy storage and retrieval cost by a leading finance services provider

$500K

Per year in savings on transaction processing by a banking and finance firm

1

Global S2P Platform for 66 entities across 60 countries by a major banking services provider

95%

Invoice matching accuracy by a leading government contract agency

Proven, reliable partner for financial services

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