Financial Services sector
Supplier diversity in financial services.
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.
Corporate programs
4
tracked in this sector
Certifications buyers ask for
5
listed below in priority order
Sector data
$2B+ in annual diverse supplier spending by JPMorgan Chase alone
Why certification matters here
What certification opens for financial services suppliers.
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.
Certifications by buyer impact
Which certifications financial services buyers actually use.
Not every certification is worth pursuing for every business. The ones below are the certifications financial services federal agencies, prime contractors, and Fortune 500 procurement teams require or reward in their solicitations and supplier registration portals.
8(a)
8a
8(a) Business Development
Business development program for small disadvantaged businesses.
- Cost
- Free
- Timeline
- 90-180 days
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
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
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
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
Where contracts come from
Government buyers, corporate buyers.
Government buyers
Federal and state agencies.
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 buyers
Fortune 500 procurement.
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
- JPMorgan Chase Supplier portal →
- Bank of America Supplier portal →
- Wells Fargo Supplier portal →
- Citi Supplier portal →
Buyers in this sector
Corporate programs sourcing from financial services suppliers.
Each company below runs an active supplier diversity program that buys in this sector. Pages list the certifications they accept, the procurement contacts, and the supplier registration steps. Annual diverse spend, where reported, comes from each program's most recent public disclosure.
What buyers screen for
How financial services procurement teams evaluate suppliers.
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
First ninety days
A practical sequence to follow.
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
FAQ
Questions financial services owners ask.
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.
Other sectors
Adjacent industry guides.
Start here
Confirm which certifications fit your financial services business.
The quiz checks ownership, location, revenue, and NAICS codes against the eligibility rules for every federal, national, and state certification we track, then orders the matches by which financial services buyers accept each one.