Case Study: National Financial Services Company achieves $500K+ in 6-month cost savings with Magnit's MSP/VMS

National Financial Services Company Achieves Quick Contingent Cost Savings and Compliance

National Financial Services Company, a national bank founded in 1954 offering personal, private and business banking as well as wealth management and brokerage services, faced fragmented contingent workforce practices across multiple U.S. locations. Teams sourced talent independently, used inconsistent suppliers at varying and costly rates, and lacked standardized processes, visibility, reporting and compliance. To address this, the company selected Magnit’s vendor‑neutral Managed Service Provider (MSP) and Vendor Management System (VMS).

Magnit deployed its on‑site MSP expertise and flexible VMS, integrating with the bank’s HRIS and IT asset systems, rolling out phased operational changes, enforcing consistent compliance, and using its proprietary Pay Intelligence to renegotiate rates. As a result, Magnit delivered $500K+ in cost savings in six months, grandfathered about 100 workers into the program at reduced rates, established regular reporting and streamlined workflows, and began optimizing the supplier network for improved talent quality and lower costs.