Why T&E Demands So Much Attention In Financial Services

Your margins are under enough pressure already. But with continual digital disruption—from fintechs and other recent entrants who are tightening the screws even further—costs are always in the spotlight.

In this environment, you need to do whatever you can to control and reduce what you spend. And after people and payroll, T&E is likely one of your biggest cost centers.

With large numbers of travelers, including relationship managers, financial advisors, and insurance brokers, all needing to meet with clients daily, it doesn’t take long to see how much getting a handle on T&E really does matter.

Is Your Data as Secure as You’d Like It to Be?

Given the sensitivity of everything you’re doing—from analysts and finance specialists working on mergers and acquisitions, to thousands of people meeting thousands of clients every day—the security of your data and confidentiality of their travel plans is key.

And in the era of data hacks and cyber attacks, it’s easy to recognize the value of data safety and integrity.

This is Costing More Than You Thought it Would

More of your people spend more time on the road than most other industries. That means T&E takes a larger bite of your budget pie—money you no doubt could be using elsewhere. Eliminating any inefficiencies and driving out excess costs—finding new sources of savings in the process—is critical.

You don’t need anyone to tell you you’re operating in a highly regulated, highly scrutinized industry. You need your T&E systems to increase policy compliance, prevent fraud, and make sure you meet every regulatory requirement, including duty of care. In this people-centered business, knowing your employees are complying with company policy—and knowing where they are in times of danger—is crucial.

You Have Top Talent. Are You Giving Them Top Technology?

Paperwork is busywork, and if your people are still wrangling receipts and writing up expense reports, they’re not getting to the work you need them to get done. Giving them super-simple apps—and cutting unnecessary steps from the T&E process—not only makes travel more enjoyable and productive. It helps recruit and retain top talent.

The answer, not surprisingly, is the cloud. But what’s the best way to get T&E up there?

You’re probably working in the cloud already, so you understand the ease and efficiency it brings. Taking T&E to the cloud is no different; it delivers control over spending, transparency into your deepest data, and a better, more fruitful travel experience for every employee.

Move to the cloud with the world’s T&E authority, and you can be certain you’re on top of what matters most.

• Secure your data with systems that set the industry standards.
• Reduce cost pressures at every level—from negotiating rates to automating processes.
• Mitigate fraud, manage risk, and maintain compliance.
• Digitize T&E with the latest apps and other brilliant tools employees want to use.

Ready for the Next Step?

Download Oxford Economics Research: Effective Spending Management Boosts Performance and find out why 95% of top-performing leaders consider cloud-based applications critically or very important to the success of the finance team.

Review the report from the Aberdeen Group on Key Success Factors for T&E Management in Financial Services.

To learn more, reach out to T&E experts.

This originally appeared on the Digitalist and is republished with permission.