Financial Services Solutions delivering Indirect, Procurement & Supplier Cost Optimisation
Overview
Financial Services play a vital role in supporting business investment and growth, offering people and organisations secure access to their money, protecting against risks and providing stability for households and corporations.
The sector provides more than 11 million jobs in the EU and accounts for €681 billion of economic value. The EU is a leading exporter of financial services worldwide with annual exports of €78 billion accounting for about a quarter of global financial services exports.
Industry Challenges & Opportunities
The financial services industry continues to grapple with the impacts of the financial crisis and is still working hard to build confidence in its products and services. At the same time, it has great cause for optimism, with a chance to innovate, explore fast-growing markets and use transformative technology to unlock new opportunities.
Gaining a Competitive Advantage
The ever-changing landscape of the Financial Services market continues to present organisations and their leaders with unprecedented challenges. Greater and more complex consumer demands, fast-moving competitors utilising disruptive business models, increasing risk and compliance issues and the continuing progress of technology are all having an impact.
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Download the Financial Services Solutions White Paper
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Introduction to ERA Group Financial Services Solutions
ERA Group provide a wide range of industry solutions, with a variety of dedicated teams made up of experts from those industries. Here, Richard Placito, the chair of our Financial Services Industry Solutions group, provides a simple overview of how ERA Group Financial Services Solutions can help your business, including the common challenges we've been able to help our clients with already. To learn more about our Financial Services Solutions, download the full white paper now.
"To achieve a competitive and sustainable cost base, firms must find the right mix of tactical cost reduction solutions to drive short-term gains and more strategic initiatives to realise the transformational cost reductions needed to compete in the emerging Financial Services marketplace."
Financial Services Sector Industry Insights
Regulatory Compliance & Risk Management
Compliance has come under major scrutiny in recent years, triggered by escalating corporate guidelines with roots in the financial crisis of 2008. Regulators have introduced ever increasing numbers of compliance issues which organisations must conform to and bear the associated costs.
Technology
In the Financial Services sector today, the accelerating pace of technological change can be a creative force – but also a destructive one.
Every firm must embrace technology as it impacts every facet of the business. Artificial intelligence, robotics, big data and Blockchain are transforming the industry. Technology will determine which firms are the winners in a fast-changing landscape.
Customer Expectations
Both business and commercial users now expect a digital experience from their financial institutions. It’s about differentiated customer offerings, providing what customers want, when they want it, and how they want it, whether you’re a bank, insurer or asset manager. This isn’t just a matter of cosmetics. Organisations need to change their back-office operations to support it. And they will need to think differently about how to solve problems.
Succession Wealth Case Study
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Tilney Group Case Study
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