A Reverse Auction Platform for a US Bank

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In the financial services supply chain, efficient procurement is critical for cost optimization. The good news is that it is easy to achieve with a well-thought-out tech solution. The team at TechVision built a reverse auction platform for one of the US banks that helps the organization to cut down costs, save time, and automate a range of processes, to name a few benefits. Read on to find out more about this project.

Project Overvie

A Reverse Auction Platform for a US Bank

Client:

a bank

Location:

USA

Industry:

Financial Services

Platform:

iOS, web, Android

Team Size:

8 members

Project duration:

3 years

Technologies & tools:

MS-SQL

ASP

IIS

Windows

JavaScript

Swift

Kotlin

Business Needs

Challenge

One way to reduce costs and improve efficiency was to build a financial services supply chain application.

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Our client, a US bank, was spending huge amounts on the procurement of external goods and services. The bank deals with a broad range of products and services, each with its specific requirements and regulations, resulting in a complex procurement process. It encompasses research into supplier markets, advertising and electronic submission of tenders, electronic ordering, internet sourcing via third parties, communication, contract management, and integration of procurement with the financial and inventory systems.

We support. We improve.

Solution

We started by conducting a discovery phase to understand the client’s needs and specific requirements. Together with the key stakeholders, we identified project milestones and determined the features of the future reverse auction platform.

Then, our designers started working on a user-friendly design for the portal and, once the design was approved by the client, we got down to developing the platform.

We managed to build a high-performing solution that accurately met our client’s requirements. It includes the following features and functionalities:

assessing the spend category and determining suitability for reverse auction
validating supplier list
additional supplier sourcing if necessary
real-time dynamic pricing
creating bid strategies
supplier training and consultation for the online sourcing event
real-time chat and messaging between the buyers and suppliers during the live auction
overall orchestration of the bidding process, including initial setup and management of the entire procurement process
post-bid analysis and reporting

8K

Engaged

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52%

Open Rate

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23%

Open Rate

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4381

Engaged

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that received

Results

The reverse auction platform we built for the bank allows the institution to save substantial costs. Moreover, it helps our client to save significant time that would otherwise be spent on collecting bids from various suppliers manually. While making the procurement process less time- and cost intensive was the primary goal of the project, our solution helps improve the financial services supply chain process in some other ways as well. Firstly, the bank greatly benefits from the opportunity to explore actual market prices and discover new suppliers. Secondly, our reverse auction platform facilitates a more transparent auction, allowing suppliers to compete in real time. In addition, the client benefits from indirect cost savings that result from process automation enabled by the web-based reverse auction platform.

get in touch

Your fintech-savvy team is just a call away

If you’re looking for an experienced team to help you build a robust fintech solution, get in touch with us.

If you’re looking for an experienced team to help you build a robust fintech solution, get in touch with us. Our team has extensive experience developing high-performing and secure solutions for banks and other financial services providers. We provide professional fintech development services and can assist you with building a wide range of financial products, from lending apps and digital wallets to banking software and cryptocurrency exchanges.

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A Reverse Auction Platform for a US Bank

Challenge

Solution

We managed to build a high-performing solution that accurately met our client’s requirements. It includes the following features and functionalities:

Core Features

8K

Engaged

52%

Open Rate

23%

Open Rate

4381

Engaged

Results

Your fintech-savvy team is just a call away

If you’re looking for an experienced team to help you build a robust fintech solution, get in touch with us.

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