Category Strategy – Banking and Financial Services (BFS) Business Process Services (BPS)

This ready-to-use category strategy template offers editable frameworks for internal assessment and detailed industry and market category overviews to assist category managers, procurement professionals, and CPOs in creating an informed category strategy for Banking and Financial Services (BFS) Business Process Services (BPS). BFS comprises retail and commercial banking, lending and leasing, payments and cards, and risk and compliance services across all lines of business. It also includes horizontal services such as data and analytics and commonly outsourced services such as document processing, collections, customer acquisition, servicing, transaction processing, KYC, and other compliance functions. Enterprises are focusing on Financial Crime and Compliance (FCC) operations to detect fraud by leveraging AI/ML based solutions that minimize manual intervention. Category managers can customize this template with internal category information, such as spend, suppliers, and subcategory overview. They can also use the industry and market insights provided in this template to build a strong supply base understanding. A category strategy’s goal is to create an action plan for effective category management, and this template provides the requisite tools, frameworks, and information to create a robust strategy. Best-in-class procurement organizations effectively leverage such tools and techniques to drive continuous improvements in their categories.