RFP Process to select banking services
Pre-Planning
Establish Objectives
Analyze resources available
Develop selection process checklist
Identify implementation factors
Establish RFP time frame
Banking Needs Assessment
Assemble needs assessment team
Develop a checklist determining necessary information to gather
Understand current environment for banking services
Understand key business and technical requirements
Identify Major Tasks
Identify potential service gaps and improvement opportunities
Identify ideal bank capabilities and resources required
Document Current Environment
RFP Formulation
Assemble RFP formulation team
Develop an overall vision for banking structure and services required
Analyze current bank account structures and providers
Inventory & assess specific branch/subsidiary concerns & issues for bank service requirements
Develop conceptual design of future banking structure
Document banking services requirements
Develop and document bank eligibility and selection criteria
Document terms & conditions
Document other information to be sought
Approve RFP document
RFP Distribution
Determine list of banks to be included in RFP Process
Develop customized RFP for selected banks
Distribute RFP
Conduct vendors conferenece for clarifications
Collect RFP responses
RFP Evaluation
Constitute evaluation team
Develop evaluation and prioritizing criteria
Service offerings criteria
Quality of delivery criteria
Pricing factors
Institutional capabilities
Develop, customize & implement evaluation tools
Conduct quantitative analysis of RFP responses
Score bank RFP results on a weighted basis
Perform additional technical and qualitative analysis
Conduct Cost analysis using estimated volumes
Determine the short list of banks to participate in presentation phase
Prioritize banks
Presentations and On-Site Tours
Put together presentation evaluation team
Notify those banks that did not make the list and debrief
Develop next step time-line and notify banks
Develop desired presentation format
Develop selection criteria and process
Schedule presentations
Evaluate demonstration formally and debrief
Visit banks and validate findings of evaluation phase
Validate bank capabilities with regard to requirements
Bank Selection
Select the preferred bank
Develop overall implementation plan
Key project tasks & dependencies
Staffing and skill set requirements
Timeframes
Key deliverables
Document implementation plan
Approve implementation plan
Template Library
- Banking
- Banking Services RFP Preparation
