Procurement in banking is the process of obtaining goods and services from external sources. It is a vital part of the banking industry, as it ensures that the necessary goods and services are obtained in a timely and cost-effective manner. The official business definition of procurement in banking is the process of acquiring goods and services from external sources, in accordance with the organization’s policies and procedures. This process includes identifying and selecting suppliers, negotiating prices and terms, and ensuring that the products and services are delivered in a timely and cost-effective manner. Procurement in banking also involves ensuring that the goods and services meet the required quality standards and that they are in compliance with applicable laws and regulations. Furthermore, it involves managing the procurement process to ensure that it is cost-effective and efficient. Finally, it also involves monitoring and evaluating the performance of suppliers to ensure that they are meeting the organization’s expectations.