RFP For Banking Services

8 Steps To Structure a Winning RFP For Banking Services

Winning Request For Proposal (RFP) for banking services? Whether your RFP is validating current pricing and services or soliciting proposals for new services, like sustainability in the banking sector or green banking, try to get the process done quickly and efficiently. So, how do you structure one? 

How to Structure a Winning RFP for Banking Services  

1. Assign someone for the project 

Appoint one person to oversee the RFP for banking services process. This person should know about your organization, its mission, and its ultimate goals. 

The appointed individual will need to devote enough time to the project and work collaboratively with representatives from the other departments involved in this project.  

2. Go straight to the point 

An important goal for any RFP for banking services document should be to express what your organization is — and is not—looking for in specific terms. In case you use an existing RFP template, make the changes necessary so that the form reflects your organization’s goals and objectives.  

The head of the RFP for banking services project should instruct candidate firms to give specifics like fees with their proposals. It may be helpful to provide candidate firms with sample asset allocation to ensure that you can objectively compare returns and cost estimates. Failure to do so might attract responses that lack the information necessary to make an informed decision.  

3. Decide on weighting factors early 

What matters more or less to your institution? Is customer satisfaction and engagement that builds your brand identity and makes you a sort after leader in your industry a priority for your organization?  

Do you place a high value on a service provider’s ability to provide hands-on sustainability strategy services that are easy to implement?   

Make your priorities clear to these service providers. Describe which areas in the RFP for banking services are most important to your organization to provide in-depth responses in those areas. 

4. Consider a meeting for your RFP for banking services

Apart from significant factors characterizing the RFP for banking services, the comfort level you have with your provider — can play an essential role in the final decision making.

To determine comfort level, some organizations typically require an in-person or video interview (also known as the “finals presentation”) to be delivered by the top three prospective providers. 

5. Spell out schedules and expectations 

Clearly state the timeline for the proposal submission, evaluation, presentations, and decision-making. 

6. Allow sufficient time 

Give the respondents three to four full weeks after receiving the RFP document to respond to your questions. It may also be helpful to build a period during which you will take questions from respondents before they submit their proposals.

Finally, you must leave sufficient time for your RFP team to deliberate without rushing during the critical evaluation stage. 

7. Evaluate Responses for your RFP for banking services  

The first task in evaluation is to find out if you’ve received complete proposals from all service providers. If there are unanswered questions or incomplete responses, your committee can decide to contact respondents and allow them to provide the missing information needed.  

You level the playing field by judging each respondent using the same criteria. It is also helpful to use an evaluation structure that helps the RFP for banking services committee grade each respondent’s answer on a scale from excellent to poor.

Your committee can combine this formal grading structure with information from face-to-face or video meetings to address a business “fit” with your organization’s mission and goals.  

Some other factors to note during the evaluation process include:  

  • Allowing various factors to be grouped into sections for simple assessment. 
  • Analyze each proposal with fairness. 
  • Enable several individuals that are part of the project to contribute to the scoring process. 
  • Encourage accurate comparisons of the various candidates against each RFP for banking services factor. 

After scoring the proposals, organize a meeting to discuss feedback and settle any discrepancies in the scoring.  

This is the stage where you can identify any additional info needed from the respondents and contact the respondents if need be. 

Deciding on a winning RFP for Banking Services 

The final step in the evaluation process is narrowing down the list to the last finalists — often 3 or more firms — with whom the bank will meet face to face or on a video call. 

These final meetings can be the most critical. Why? Because you would meet with some of the people who would work on this project at this stage.  

The answers and impressions you get during this meeting, supplemented by a final reference check, would enable you to conclude your RFP for banking services successfully.  

And also, determine if there is a “fit element” between this contracting firm and your organization. 

So now you have the outline and structure for your RFP, what should you include in it to complete the process? Look out for our next article with sample questions to complete this process. Plus, a free downloadable template to get you started seamlessly.

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