Financial Services
An industry recovering from the turmoil of the crash, it still carries many scars. Banks are currently being challenged by the emergence of new competition, even in a period of significant growth.
The global banking system is now bigger and hopefully more resilient with assets of $124 trillion and RoA of 0.9%. The US banks have weathered the storm with the help of policy interventions and strong regulation. The EU banking sector, addressing underperforming loan portfolios, has been surpassed by a fast-growing Chinese banking sector.
The emergence of new players in the banking sector and changing consumer demands have forced banks to up their game in terms of digitization and automation. Significant challenges face the industry including rapidly changing consumers, cybercrime, regulatory compliance, big data use, blockchain in finance, and AI use.
The role of The Clearview Group
Managing risk and addressing cost remain the industry’s key focus areas. Given the risks posed, it is important to have transparency to the most important suppliers, and this continues to be a priority for the banking procurement function. Some investment in the procurement organisation has occurred, while outsourcing remains part of the solution. Clearview is such a managed service provider to the sector.
Clearview has been providing a multi-year, on-site managed procurement service to one of Europe’s leading banks. We conducted a procurement best practice assessment and gap analysis, with a transformation plan achieving a 19x ROI, year over year, as a managed service.
Our dedicated team of category managers manage total Opex and Capex spend including facilities, marketing, IT and professional services. Our work in the sector has extended to the Central Bank or regulator of financial services. Our experience includes various aspects of their procurement including tender management and the entire IT portfolio.
Innovation and change in technology have a large role to play in re-shaping banking, and the procurement function is not immune from this. The inevitability of cloud is recognised as the largest technology impact area for the banking sector.
According to Deloitte, a large majority (68%) of procurement leaders believe that their digital procurement model does not help them to deliver against their procurement objectives.
Clearview’s SeeR technology will address many of these gaps by delivering a cloud-based technology to manage critical and strategic suppliers over the life of their relationship.
