It’s no secret that leading companies in the global banking, financial services and insurance (BFSI) sector are looking to operate more cost effectively and boost savings from their procurement and supply chain operations. Increasingly stringent regulatory requirements, shifting consumer behavior and changing competitive landscapes are putting BFSI enterprises under considerable pressure to manage associated costs and enhance the overall customer experience.
Digital transformation offers an answer — it creates opportunities to reduce costs, concentrate on innovation, and enhance customer centricity, while focusing on technology and cybersecurity. If you want to raise the bar and build a next-generation enterprise that can deliver impressive savings through the foreseeable future, GEP can help.
We selected GEP SMART … and we delivered P2P in seven months. The outcomes speak for themselves. Four-fold increase in savings … and a 50 percent reduction in the time it takes for us to process work. And that’s an indicator that it’s improving all the time.
– Richard Powell, Director of Procurement and Supply Chain, Prudential
It’s time for banks to move from analysis to action. In the post-reform environment, they must take on a new role to meet government, market and management expectations, boost their return on equity, and spur growth.
To revitalize growth, banks must adopt new strategies, embrace technology in a much more meaningful way, and leverage the value of outsourcing.
GEP can help. We have proven expertise to help banks achieve savings targets and accelerate returns on investments. Our team of banking sector experts can foster efficiencies through greater centralization, as the operations of most large banks are highly fragmented across geographies and business units. GEP addresses these challenges by:
- Focusing on core business processes
- Identifying critical versus non-critical spend
- Developing consistent data tracking
Procurement’s Role in Modern Banking
In the last decade, banks have started taking steps to become truly “digital.” With changing regulatory environments and growing expectations of tech-savvy customers, procurement must provide efficient category management of its major spend and better manage supplier risks, which will help the organization achieve savings, innovation, agility and flexibility.
The financial services sector has undergone rapid changes in recent years; organizations today must adhere to heightened scrutiny in the compliance and data security space. Financial services companies are looking for ways to create newer, more customized products and to be the first to bring these offerings to the market. This means speed and agility are critical to how these organizations interact with third-party suppliers.
Never has the global insurance industry faced as much challenge as it is facing now — nor as much opportunity! While there is fear that many insurance jobs will be lost in Europe and North America as profit margins remain under pressure and companies exit product lines, there is a bright spot amid all this —the emergence and acceptance of new, innovative technologies.
The insurance sector is abuzz with automation of the value chain, new underwriting systems, rating engines and claim management solutions. With the vast experience of having worked with the most respected names in the industry, GEP is well-positioned to improve operational efficiencies, spend visibility and analytical capabilities of insurance companies, enabling them to enhance the customer experience and realize savings in the long run.
We can help insurance companies achieve business process efficiencies through strategic sourcing, increased visibility into spend data and outsourcing components of the procure-to-pay process. We can also streamline processes, raise service levels, meet quality standards, and reduce costs.
Improving Loss Ratio
The financial stability of an insurance carrier determines its ability to live up to the promise of paying its policy holders in the future, and the loss ratio is indicative of it. The quality of underwriting can have a huge impact on overall profitability. GEP can help implement better data management techniques, automate loss runs, and standardize data to empower the carrier with greater expense control, thereby improving the loss ratio.
With a proven track record in global procurement and supply chain for top BFSI organizations, GEP can help create business and operational value, drive savings, and boost return on investment by managing third-party spend and establishing best-in-class processes to keep up with the ever-changing regulatory environment and volatile business conditions.
GEP has managed various workstreams, like Third-Party Risk Management, Insurance Claims and Underwriting, Market Data, Card Production and Loyalty and Rewards, that have created substantial value for its clients by improving the overall sourcing and procurement process. This has delivered high levels of profitability in an increasingly competitive sector. We can provide:
- Full supplier spend and contract visibility across the organization for effective risk management
- Up-to-date tools and technologies required to efficiently conduct everyday tasks
- Category management expertise to help mitigate supply risk, drive innovation and promote continuous improvement
- Proven data management techniques and standardization
- Innovative, best-in-class software and services to keep up with new trends and boost operational efficiencies
Experience and Expertise
Procurement Strategies to Enhance Cybersecurity in the BFSI Sector
GEP is a leading provider of procurement and supply chain consulting services and software to the BFSI sector, with more than a dozen years of experience in handling complex, industry-specific requirements of leading companies such as Standard Chartered Bank, American Family Insurance and Global Payments Corporation.
With GEP, procurement and supply chain teams at BFSI companies all over the globe not only save more money, but also improve supplier performance, mitigate supply risks, drive innovation, and promote continuous improvement.
To develop short and long-term strategies for supplier performance management, and supply risk mitigation
To proactively assess supplier risk and performance, and enhance visibility into financial disclosures, supply operations, technology, compliance and security
To achieve savings targets and accelerate returns on investments
To achieve business process efficiencies, increased visibility into spend data and outsourcing components of the procure-to-pay process
Maximizing Value from Spend
At GEP, we have hundreds of experienced category specialists in the field and many more in our extended SME network. Working with dedicated market intelligence and analytics teams, our sourcing teams manage more than $200 billion in spend annually for clients.
Their domain knowledge and subject matter expertise extends to hundreds of discrete categories of products and services — including professional, human resources and legal services, IT and telecom, marketing, and print and production services. At the same time, they receive timely intelligence from local and regional teams on the ground, when and where they need it.
All this is backed by proprietary databases of suppliers, specs and transactional histories, as well as some of the most powerful, effective analytical, sourcing and supplier performance management tools in the industry.