LONDON–(BUSINESS WIRE)–#MarketIntelligence–SpendEdge has been monitoring the global banking services industry and the industry is poised to experience spend growth of more than USD 1 trillion between 2019-2024 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.
Read the 135-page research report with TOC and LOE on “The Global Banking Services Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
The steady incorporation of digital features in the execution of banking services is driving adoption in the global banking services industry. Digital technologies such as web- and mobile-based channels are being used by some of the leading banking service providers to boost their engagement with customers. Such interaction through different digital windows is generating actionable insights into customer’s transactional and behavioral aspects. This is boosting the feasibility of these services and is driving investments in the banking services industry.
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The Top Banking Service Providers Enlisted in this Report:
Lack of uniformity in the reference rates for different markets or currencies is increasing the complexity of operations for banking institutions that have a global presence. This is expected to have an inflationary impact on their OPEX. A significant portion of this OPEX will be passed on to buyers. Considering its probability, this report has listed the top banking service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal and cost-effective procurement in this industry. Insights into some of the service providers are given below:
JPMorgan Chase- This service provider accounts for significant investments in emerging technologies, such as cloud computing, blockchain, AI, and big data analytics, to improve their service quality. The adoption of such technologies facilitates the reduction of cyber threats and ensures data security. For instance, JPMorgan Chase is adding new features to its Interbank Information Network to reduce the number of global payments that are rejected by errors.
HSBC Holdings- In 2018, HSBC used a platform developed by a blockchain startup to issue a letter of credit to Cargill. The trade finance transaction involved the bulk shipment of soybeans from Argentina to Malaysia. In a normal scenario, the exchange process through a paper-based system takes 5-10 days to complete. However, owing to the adoption of blockchain platforms, the need for paper reconciliation was removed as all parties were linked on the platform and updates were instantaneous. Therefore, the exchange process was completed within 24 hours. Also, the adoption of blockchain is expected to minimize fraud risks in LOCs and automate the process of issuing LOCs by reducing the number of steps involved.
Citigroup- Buyers are advised to explore the feasibility of entering into a long-term contract with this banking service provider which will help the former to build better relationships. This will benefit buyers with discounted value-added services offered by service providers such as low insurance rates and reduction in the annual fee charged on corporate card transactions.
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Some of the key topics covered in this report are:
- Banking services industry spend segmentation by region
- Banking services supply market analysis
- Regional spend opportunity for banking service providers
- Banking service providers cost structure
- Total cost of ownership analysis in the banking services industry
- Banking services pricing models analysis
- Category management objectives
- Cost saving opportunities in the banking services industry
Free sample of reports that you may like:
- Global Credit Collection and Collection Agency Services Market – Procurement Intelligence Report
- Global Payments Processing Market – Procurement Intelligence Report
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