In Financial Services, there’s no room for spend leakage
Financial Services organizations are under more pressure than ever before. The industry is facing massive transformation, the adoption of new, technology-enabled business models, and more regulation than ever before - seemingly all at once. Financial Services is incredibly dynamic and lucrative, but your company faces a lot of change, and a lot of risk. As a finance leader in a Financial Services organization, the onus is on you to make your firm as efficient and profitable as possible, mitigate as much risk as you can, and protect the firm’s reputation. No pressure!
When it comes to business spend in Financial Services, you have a lot to tackle. Your firm spends a lot, both on the employee travel and entertainment side as you have many knowledge workers, as well as on the business side for supplies and contractors in support of your operations. At the same time, your spend profile and vendor line-up have gone through massive changes as you adopt cloud applications, allow the purchase of personal and workgroup productivity apps for employees, facilitate the purchase of mobile technology to keep users efficient and productive, and use contractors to get work done. With more money going out the door and a more fragmented set of vendors, how do you keep up?
Adding to the complexity of dealing with shifts in the purchasing process, Financial Services firms also maintain a tangle of back-office systems - a result of industry consolidation and the formation of business ventures with other large firms as well as startups. These systems range from mainframes to cloud applications and address everything from expense management to contract management to invoice automation to ERP. Many systems don’t integrate smoothly with each other, so in order to prevent spend leakage and ensure compliance, you need to dedicate resources to the problem. In a tight employment environment in which strong employees are hard to find, and the good ones value meaningful work, the last thing you want to do is deploy people on rote tasks that can and should be solved through automation.
Top global financial services firms use AppZen
Median invoice fraud scheme
Audit 100% of expenses and invoices before you pay
Use AI to audit 100% of expenses and invoices, all before you pay a cent. Auto-approve the low-risk stuff and flag risky spend for your real people.
Go beyond two- or three-way match with “Star Match”
Don’t just validate price and units. How about SLAs, volume discounts, delivery times, contractor work validation, and more? Match what matters using AI.
Shape employee spending behavior
Nobody’s reading the paper-based spend policy? Surprise, surprise. Instead, show people the way with AI-based auditing and automatic approvals.
Avoid duplicate spend and suss out all errors, waste, and fraud
Let AI do the detective work for you, finding duplicates even across AP systems and detecting mistakes, wasteful spending, and even the fraudsters.
Reimburse employees in record time
Take away managers’ rubber-stamp and auto-approve low-risk spend. Cut reimbursement from weeks to hours and employees will jump for joy!
Keep your company out of regulatory hot water
Need to keep an eye on anti-bribery and corruption in your expenses, contracts, and invoices? Suss it out with AI.
Why Financial Services companies need automation in their back office
Another by-product of having fragmented back-office systems is that you’re vulnerable to errors, waste, and fraud. With all of the acquisitions and business combinations your firm has undergone, you will never get to steady state in your back office, no matter how hard you try. The nice, clean approval workflows and invoice matching processes that are great in theory aren’t fully operational. You may get a process defined, but it’ll get upended in your next corporate business combination or executive reorganization.
What is required is a smart spend audit process that automates review of all of your expenses and invoices. It should understand and keep track of your corporate policy as well as your negotiated supplier contracts, as well as all spend-related laws such as the Foreign Corrupt Practices Act or the UK Bribery Act so you can remain compliant and stay out of regulatory hot water. And finally, it needs to protect you from overpaying, double-paying, or being the victim of fraud.
AI-powered spend auditing from AppZen is an imperative for Financial Services firms. Our platform is a must have for modern finance teams to reduce spend, comply with policy, and streamline process.
“AppZen is doing something no human ever could.”CFO
Three of the top five financial services firms audit spend with AppZen.
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