Industry Guide

Financial Services Supplier Diversity Guide

Financial services firms are among the most committed corporate buyers of diverse supplier products and services. JPMorgan Chase, Bank of America, and Citi are all members of the Billion Dollar Roundtable, each spending over $1 billion annually with diverse suppliers. Whether you provide IT services, marketing, facilities, professional consulting, or specialized financial products, certification opens doors to this well-funded sector.

$2B+ in annual diverse supplier spending by JPMorgan Chase alone
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Why Certification Matters for Financial Services Businesses

Financial services is one of the most mature sectors for supplier diversity. Here's why certification matters:

Billion Dollar Commitments: Major financial institutions are among the largest diverse supplier buyers in the world. JPMorgan Chase spends over $2 billion annually with diverse suppliers. Bank of America, Citi, and Wells Fargo each spend over $1 billion. These are not aspirational goals—they are tracked and reported commitments.

Regulatory Expectations: The Dodd-Frank Act established Offices of Minority and Women Inclusion (OMWI) at major financial regulatory agencies, encouraging regulated financial institutions to assess diversity in their procurement. This regulatory backdrop reinforces bank commitment to diverse suppliers.

Broad Procurement Needs: Banks and insurers buy everything—IT services, marketing, legal, facilities management, printing, office supplies, consulting, and more. You don't need to sell financial products to sell to financial services companies.

Community Reinvestment: Financial institutions are evaluated under the Community Reinvestment Act (CRA) and other frameworks that incentivize community investment, including diverse supplier spend.

Insurance Industry: The insurance sector has its own supplier diversity requirements and organizations, providing additional opportunities beyond banking.

Financial services companies in the Billion Dollar Roundtable collectively represent some of the most well-resourced and committed diversity procurement programs in the corporate world.

Best Certifications for Financial Services

8(a) 8a

8(a) Business Development

Business development program for small disadvantaged businesses.

Cost: Free Timeline: 90-180 days
Learn more →
DOBE Disability-Owned Business Enterprise

Disability-Owned Business Enterprise

For businesses that are at least 51% owned by individuals with disabilities.

Cost: $450 - $800 Timeline: 45-90 days
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LGBTBE LGBT Business Enterprise (LGBTBE)

LGBT Business Enterprise

For businesses that are at least 51% owned by LGBT individuals.

Cost: $400 - $750 Timeline: 30-60 days
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MBE Minority Business Enterprise (MBE)

Minority Business Enterprise

For businesses that are at least 51% owned, operated, and controlled by one or more minority group members.

Cost: $350 - $1,500 Timeline: 60-90 days
Learn more →
WBE Women Business Enterprise (WBE)

Women Business Enterprise

For businesses that are at least 51% owned, operated, and controlled by one or more women.

Cost: $350 - $1,000 Timeline: 60-90 days
Learn more →

Where to Find Opportunities

Government Path

Federal Opportunities

Key agencies in the financial services ecosystem:

  • Department of the Treasury: Financial management, IT services, economic policy support
  • Federal Deposit Insurance Corporation (FDIC): Banking regulation support services
  • Securities and Exchange Commission (SEC): Regulatory technology and services
  • Consumer Financial Protection Bureau (CFPB): Consumer protection technology and research

Government Financial Services Contracts

  • Financial management and accounting services
  • IT modernization for financial regulatory agencies
  • Economic research and analysis
  • Compliance and regulatory technology solutions
  • Training and education services for financial literacy programs

Compliance Technology

Federal regulators need technology solutions for:

  • Anti-money laundering (AML) systems
  • Know Your Customer (KYC) platforms
  • Regulatory reporting tools
  • Cybersecurity solutions for financial infrastructure
  • Data analytics for market surveillance

State and Local

State treasury departments, pension funds, and insurance commissioners all procure goods and services, often with diverse supplier preferences for investment managers, custodians, legal counsel, and professional services.

Top Federal Agencies

  • Department of the Treasury $5B+
  • Federal Deposit Insurance Corporation $1B+
  • Securities and Exchange Commission $1B+
  • Consumer Financial Protection Bureau $500M+

Corporate Path

Major Banks

Tier 1 financial institutions with established diversity programs:

  • JPMorgan Chase: $2B+ annual diverse spend, dedicated registration portal
  • Bank of America: Billion Dollar Roundtable member, OMWI-compliant program
  • Citi: Global supplier diversity program across banking and markets
  • Wells Fargo: Dedicated supplier diversity team and SAP Business Network registration

Insurance Companies

Major insurers with supplier diversity commitments:

  • MetLife
  • Prudential Financial
  • State Farm
  • Allstate

Asset Management and Fintech

  • BlackRock
  • Fidelity Investments
  • Goldman Sachs
  • Morgan Stanley

Categories in High Demand

  • Technology and IT services (largest spend category)
  • Marketing, advertising, and communications
  • Professional consulting and advisory
  • Facilities management and real estate services
  • Legal services
  • Printing, mail, and document management
  • Staffing and recruiting
  • Training and development
  • Office supplies and equipment

How to Connect: Register in bank supplier portals (JPMorgan Chase SupplierOne, Bank of America eRequest, Wells Fargo SAP Business Network). Attend financial services supplier diversity events and NMSDC conferences.

Top Corporate Buyers

Financial Services Companies with Supplier Diversity Programs

State Farm $500+ million Bank of America $2+ billion JPMorgan Chase $2+ billion Wells Fargo $1.5+ billion
View all 4 programs →

What Financial Services Buyers Look For

What Financial Services Buyers Look For

Compliance and Risk Management

  • Information security standards (SOC 2, ISO 27001)
  • Data privacy compliance (CCPA, GDPR if applicable)
  • Business continuity and disaster recovery plans
  • Background checks for personnel with access to sensitive data
  • Third-party risk management (TPRM) questionnaire completion

Financial Stability

  • Financial statements demonstrating stability
  • Adequate insurance coverage
  • D&B (Dun & Bradstreet) rating
  • No material litigation or regulatory issues

Industry Experience

  • Understanding of financial services regulatory environment
  • Experience with financial institutions (references)
  • Familiarity with compliance requirements (PCI-DSS, SOX, etc.)
  • Knowledge of financial services terminology and processes

Technology Requirements

  • Cybersecurity maturity assessment
  • Data encryption and handling protocols
  • System integration capabilities
  • Accessibility compliance (ADA/WCAG)

Vendor Onboarding

  • Financial services firms have rigorous vendor onboarding processes
  • Expect detailed questionnaires and documentation requirements
  • Timeline from registration to first purchase can be 3-6 months
  • Patience and thorough preparation pay off

Getting Started: Your 90-Day Plan

Your 90-Day Plan

Days 1-30: Foundation

  • Register in SAM.gov if pursuing federal financial agency contracts
  • Assess your information security posture (SOC 2, data handling)
  • Gather financial statements and D&B information
  • Research which certifications align with your ownership

Days 31-60: Certify and Register

  • Apply for NMSDC (MBE) or WBENC (WBE) certification—these are the gold standards in financial services
  • Register in JPMorgan Chase SupplierOne portal
  • Register in Bank of America supplier portal
  • Register in Wells Fargo SAP Business Network
  • Prepare for extensive vendor questionnaires

Days 61-90: Build Relationships

  • Attend financial services supplier diversity events
  • Connect with bank supplier diversity managers at NMSDC conferences
  • Join the Financial Services Roundtable for Supplier Diversity (if applicable)
  • Develop case studies demonstrating financial services experience

Financial Services Tips

  • Invest in SOC 2 compliance early—it is increasingly table stakes for technology vendors
  • Financial institutions have long procurement cycles—be patient and persistent
  • Tier 2 reporting is common—banks track whether their Tier 1 suppliers also use diverse vendors
  • Consider specializing in financial compliance, regulatory technology, or cybersecurity
  • The TruSight utility (co-founded by JPMorgan, AmEx, BofA, BNY Mellon, Wells Fargo) offers free cyber-readiness assessments to minority-owned firms—take advantage of it

Frequently Asked Questions

What certifications do banks recognize for supplier diversity?

Major banks primarily recognize NMSDC (MBE), WBENC (WBE), NGLCC (LGBTBE), Disability:IN (DOBE), and NaVOBA (VBE) certifications. For federal financial agency contracts, 8(a), WOSB, SDVOSB, and HUBZone certifications apply. Most banks will also accept self-certification for initial registration, but third-party certification from a recognized body is required for inclusion in diversity spend reporting.

Do I need SOC 2 certification to sell to banks?

If you provide technology services, data processing, or handle sensitive information, SOC 2 Type II certification is increasingly required by financial institutions. It demonstrates that your company has adequate controls for security, availability, processing integrity, confidentiality, and privacy. The audit costs $20,000-$50,000 but is an investment that opens doors across the entire financial services sector.

How long does the vendor onboarding process take at banks?

Financial institutions have rigorous vendor onboarding processes that typically take 3-6 months from initial registration to first purchase order. You will complete extensive questionnaires covering financial stability, information security, business continuity, and compliance. Be prepared to provide financial statements, insurance certificates, SOC 2 reports, and references. Patience and thorough documentation are essential.

What is Tier 2 supplier diversity and why does it matter?

Tier 2 diversity refers to when a bank's Tier 1 (direct) suppliers subcontract to diverse businesses. Banks track Tier 2 spend and require their large suppliers to report it. This means even if you cannot become a direct supplier to a bank, you can supply to their Tier 1 vendors (law firms, IT companies, facilities managers) and still benefit from the bank's diversity program.

Are there opportunities in financial services beyond banking?

Yes. The insurance industry (MetLife, Prudential, Allstate) has significant procurement needs. Asset managers (BlackRock, Fidelity) buy technology, research, and professional services. Payment processors (Visa, Mastercard) have supplier diversity programs. Credit unions, regional banks, and fintech companies also increasingly prioritize diverse procurement.

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