LONDON--(BUSINESS WIRE)--SpendEdge, a leading procurement intelligence firm, has recently announced the completion of their latest Q&A article on the procurement best practices for the UK banking industry against the backdrop of Brexit. In this article, Tridib Bora, Assistant Manager - Custom Research, shares his views on the current scenario in the UK banking industry and the procurement best practices that will help address the imposing challenges in this industry.
Key Excerpts from the Q&A Session on the UK Banking Industry
What are the factors that will impact procurement in the UK banking industry against the backdrop of Brexit?
Tridib- The possibility of the UK’s exit from the European Union is heralding multiple changes in the region that are altering the way businesses are done in the UK banking industry. Procurement is one of such businesses facing extreme dynamism. Newer regulations and amendments made in the regulatory framework to adapt to Brexit will fire up the supplier’s compliance costs. Consequently, these costs will accelerate the procurement expenditure of buyers in the UK banking industry. Such an uncertain industrial scenario is driving most of the suppliers out of the UK. This will have a two-way inflationary impact on the procurement expenditure in the UK banking industry. Firstly, with most of the suppliers moving out, the resultant demand and supply ratio disbalance will shoot up the price of banking products and services in the UK. Secondly, to procure from suppliers that are not located within the regional boundary, buyers will have to pay double the procurement price of the products and services.
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What are the procurement best practices you suggest for buyers to deal with these impacts in the UK banking industry?
Tridib: In such a shrinking supply market, it is not prudent of buyers to engage with multiple suppliers for different banking services. They must evaluate the capability of suppliers to offer value-added services such as escrow services, asset valuation, payroll services, investment accounting, among others.
Considering the dynamic regulatory framework, one of the highly recommended UK banking procurement best practices is to engage with suppliers who have strong security and use a layered structure approach. For instance, layered security in online banking includes steps such as user authentication, device authentication, browser authentication, transaction authentication, transaction authentication, and application security.
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“It is worthwhile to mention that SpendEdge’s recently done procurement intelligence report on the banking services industry identified the main procurement pain points and other risk factors faced in the current UK banking industry and enlisted the procurement best practices to be adopted in this industry,” says Tridib.
This article on the Q and A session with Tridib is concluded with references to case studies. These case studies are documents of SpendEdge’s experiences in helping enterprises in the financial sector including the banking industry overcome procurement challenges similar to what are stated in this Q and A session. For instance, SpendEdge helped one of the fastest-growing fintech company in the US to reduce its debt securities to 20% from 35% in three months by performing a financial risk assessment.
Read more about this financial risk assessment case study.
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