Mobility, data security, Big Data storage and analytics, cloud computing options and user empowerment (both internal and external) are driving new investments in hardware, software, managed services and outsourcing. E-everything means exponential growth in bandwidth and network requirements.
Financial services companies also face enormous pressure to be compliant with a growing list of domestic and international industry regulations that directly impact IT. One example is the Dodd-Frank Act, including UDAAP provisions in Title X, for which there are few compliant IT solutions at the moment – leading to a spike in custom development projects. The industry is still determining the implications of Regulations O & W, as well as Anti-Money Laundering Act, with respect to their IT operations. The list goes on.
And all the while, the infrastructure must run like a Swiss watch.
The link between how well financial institutions manage technology spending and how they perform in the marketplace is stronger than ever before. NPI understands this. We know that the elimination of overspending on IT and telecom has a direct impact on institutional health. We provide unbiased financial management solutions including spend management analysis, benchmarking and advice that helps financial institutions make confident sourcing decisions more quickly, accelerating their ability to harness technology to improve compliance, efficiency, market performance and customer satisfaction.
Our financial management solutions help financial services clients:
- Plan the big picture: NPI establishes a sourcing and savings roadmap that spans the entire IT ecosystem – from customer-facing applications to custom development projects to outsourcing.
- Make budgets go as far as possible: Even though the IT budget for financial institutions is typically larger than that of other industries, industry leaders still struggle to fund all the IT initiatives they want to deliver. NPI prevents overspending on every IT and telecom purchase and renewal so our clients can stretch their budgets further.
- Fill knowledge gaps: Advancements in mobile banking, cloud and security – not to mention changes in regulatory requirements – are changing quickly. In some cases IT and sourcing executives are making first-time purchases with little or no experience in those specific areas (for example, business intelligence applications or international air freight). In other cases, even the most experienced sourcing professionals just don’t have the time to keep up with changes in the IT vendor and telecom carrier landscape. At NPI, we work on strategic IT and telecom purchases every day, enabling us to bring real-time “on the street” market knowledge and data to the table.
- Fill bandwidth gaps: Many financial services organizations simply can’t absorb the surge in IT and telecom sourcing activity – all available resources are fully deployed to keep current operations running reliably, plan for the future, and implement new systems and processes. NPI provides on-demand bandwidth for the IT sourcing teams.
- Benchmark: We ensure each client’s purchase prices and terms are competitive using up-to-the-minute insights into the IT and telecom marketplace.
- Build accountability and flexibility into purchases: NPI helps clients assure that their supplier relationships include SLAs that enforce quality promises. We also help clients build into their supplier relationships the flexibility to adapt to future changes – both planned and unplanned – in vendor/carrier requirements.
- Eliminate overspending: Compliance and IT trends are pushing financial institutions into uncharted territory, upping the risk of overspending on these purchases. NPI’s resources and advice help clients avoid overspending on new purchases as well as renewal of existing investments.
- Achieve strategic sourcing goals: Most clients have broader objectives such as improving alignment between IT and procurement; or establishing a consolidated view of outsourcing resources, projects and personnel, and establishing associated processes for increased vendor management effectiveness. NPI consultants help clients define and execute plans to meet these strategic sourcing goals.