The Top 4 Spend Management Challenges Financial Service Firms Face
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The financial services industry is heavily regulated, with compliance costs continuing to rise and fraud risks remaining significant. For travel and expense managers, automated spend management tools can not only reduce compliance costs but also improve data accuracy and speed up reimbursements, supporting the mobile…
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- SAP Concur BlogThe Top 4 Spend Management Challenges Financial Service Firms Face
A SAP Concur blog post analyzes four major spend management challenges facing financial services firms: high compliance costs, fraud risks, outdated technology, and mobile work needs. Citing a Duff & Phelps survey, 24% of financial services executives expect compliance spending to exceed 5% of revenue by 2023. The article recommends automating expense reports, implementing corporate card programs, using data analytics, and adopting mobile solutions to address these challenges.