Financial Insights Releases First Global Benchmark Comparison of Bank Financial Supply Chain Offerings ; Survey results show JPMorgan in the lead
FRAMINGHAM, MA – JULY 17, 2008 – Leading independent research and advisory firm, Financial Insights, an IDC company, today announced a new benchmark study, Corporate Payments and Financial Supply Chain: Which Banks are Best (Doc #FIN212936), which evaluates how seven leading financial institutions have extended their corporate treasury and cash management offerings to include integrated financial supply chain services.
Financial Insights has now established the first consistent definition of financial supply chain management services that can be used to make valid comparisons between competitors and provides a snapshot of what is being offered at this point in time. Financial supply chain management is still an emerging area, therefore considerable variation in product offerings and even definitions still exist.
Based on this pioneering study, Financial Insights considers JPMorgan to be in the lead at this time, followed closely by American Express and Bank of New York Mellon. JPMorgan's leading position is based primarily on the comprehensive scope of its offerings, as well as the organizational focus it has shown with regard to the financial supply chain opportunity. The report further states how important it is for financial institutions to support purchasing cards, as this is one of the fastest-growing market segments of the card business and also combines payments and financing, making these cards a natural fit for financial supply chain management.
According to Aaron McPherson, practice director and author of the report, "Financial institutions will have to work together to connect their individual buyer-supplier networks into a single network-of-networks, similar to what is happening in the check image exchange market. Financial institutions still have to agree on a remittance data standard and push their customers to use it in a coordinated fashion as the focus of competition will become comprehensive service, reliability, and quality, rather than proprietary buyer-supplier networks or connectivity standards."
The seven financial institutions profiled in the report have made impressive strides by being willing to buy as well as build the necessary technology and overcome conflicting internal goals to present a unified face to the market. The following financial institutions are benchmarked in this report: American Express, Bank of America, Bank of New York Mellon, Citi, Deutsche Bank, JPMorgan, and Wells Fargo.
A review of the benchmark data and results will be discussed during a Financial Insights Webinar on August 21. The Webinar is open to all: registration is required.
Clients of the Financial Insights' Payments research advisory service may downloadthe report, others are encouraged to contact Financial Insights to discuss how this research fits into strategic technology investments and ongoing go to market services. Please contact us at firstname.lastname@example.org. To arrange a press briefing with Aaron McPherson, please contact Deborah Stark, 508 935 4318 or email email@example.com.
About Financial Insights, an IDC company
Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Our global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms, securities and brokerage firms. Our local practices in Asia Pacific, Europe, Latin America and Canada add an in-depth regional viewpoint. Financial Insights, an IDC company, is headquartered in Framingham, Massachusetts, USA. IDC is a subsidiary of IDG, the world's leading IT media, research, and exposition company.