Banking Software Survey: Best Practices for Effective RFPs

 
13% of survey complete.

Software, like any capital investment, should show measurable returns – increased deposits, new client markets, or reduced overhead. But making wrong decisions can lead to spiralling costs, ever-extending delivery dates and “solutions” that never materialize.

The key is writing an effective Request for Proposal (RFP). Financial institutions often find this process - conducting needs assessments, defining functional requirements and navigating vendor selection to ensure that IT systems deliver a return on investment - extremely challenging.

Fern Software is therefore conducting a survey on how inclusive financial institutions have managed their system selection process in the past, and what they learned from it. This study will provide insights from hundreds of financial institutions’ senior management around the world, from Canada to Papua New Guinea, and from small credit unions to large commercial banks.

This survey will collate management-level feedback on business-critical questions related to banking software system selection, including how to:

- Translate growth and cost reduction strategies into functional requirements for IT vendor selection
- Incorporate industry best processes for assigning weightings for critical business objectives
- Structure RFPs to elicit clear, evidence-based responses from software providers

The survey results will be made publicly available on Fern’s website: by collating experience, learning, and recommendations from practitioners in a wide range of financial institutions, it will empower financial institution management teams to overcome vendor technical jargon, look “beyond the Powerpoints” and proactively solicit IT solutions for the right reasons.

All participant details will be kept confidential and findings will be based on general information such as broad geographic area, type of organisation and size. Detailed findings will be sent to anyone who participates in the survey, and a summary report will be freely available for download at fernsoftware.com (sign up here to be notified when it’s published, even if you don’t want to participate).

Thank you in advance for your time and insights – we hope you will find this report useful.


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