The Bank Process Efficiency Review engagement is available for financial institutions of any size which are considering a new banking application solution or are about to reach the end of the current banking application contract. The Efficiency Review service provides a full service project for managing the entire evaluation and selection process.
Benefit
· Banking application and work flow assessment accomplished · Request for Proposal (RFP) process created and managed · Comparison matrix created · Expert Analysis provided · Consult 4 IT negotiates with the vendors · Due diligence document provided in compliance with FFIEC requirements
Qualifying Questions
· Are your existing applications fully integrated with each other? · Can you identify existing inefficiencies with bank processes? · How many times does a process include an excel spreadsheet? · Have you determined which business functions need to change within your organization? · Do you have the manpower to accomplish the RFP process? · Do you have project managers on staff? · How current is your organization on the banking application offerings? · Do know what your organization should be paying for application services?
Scope of Work
Phase I – Needs Assessment and Work Flow Mapping Phase II – Request for Proposal (RFP) Creation Phase III – Review of Proposals Phase IV – Final Selection of Vendor Phase V – Contract Negotiations with Vendor Phase VI – Review of Final Contract
Key Areas for Evaluation
Item Processing Internet Banking Remote Capture Customer Relationship Management Profitability Loan and Deposit Work Flow
