An in-depth look at FP&A-related topics that are developed via interviews with finance professionals. Presented as quarterly case studies with practical applications and tools to help you make informed decisions about key FP&A methods.
How to Conduct a Successful RFP for Banking Services
The 2023 collapse of Silicon Valley Bank and the rise of AI-driven banking have led many companies to reassess their banking services, shifting from safety-first decisions to re-evaluating their options.
Companies are conducting RFPs (requests for proposals) for various reasons, from required periodic reviews to the need for new partners due to operational changes. However, these RFPs can take several months. The AFP Treasury in Practice Guide: How to Conduct a Successful RFP for Banking Services will help streamline the process, providing step-by-step strategies, expert insights and tools to navigate challenges, saving time and ensuring better outcomes for your organization.
Download the guide to access:
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Utilize these RFP templates to optimize and speed up your process:
These templates are complimentary to AFP members and available to purchase for non-members.
BEST PRACTICES AND TIPS
To ensure a smooth and effective banking services RFP process, follow the best practices and tips provided which are designed to help you clearly define objectives, ask the right questions and evaluate beyond pricing.
THE RFP ROI
The decision to move forward with an RFP must not be taken lightly. If an RFP is needed, it should be treated as a significant project with a clear business case, potentially utilizing consultants or dedicated resources to streamline the process and ensure the best outcomes.
ASK THE RIGHT QUESTIONS
By the time the decision to launch an RFP is made, companies should have a sense of the questions they need to ask. The most critical first step is to set clear objectives and craft the questions around them.
NARROW THE FIELD
While treasury considers its objectives and develops its questions, it must also determine how many and which banks to include.
THE VALUE OF TRANSPARENCY
Make sure the banks are aware of the timeline, so they can get their responses ready and understand when they will hear back from the company.
MAKING THE CUT
The selection of the finalists — usually two or three banks — should include factors beyond pricing, such as soft skills. Some of that can be gleaned through pre-proposal interaction. However, the final presentation is one of the most useful sources of insight.
TECHNOLOGY FIT
The best indicator of the banks’ commitment to technological innovation is their online portal and app capabilities. Doing a live demo is critical.
ONLINE RFPs?
The administrative burden of conducting an RFP is a significant contributor to its difficulty and speed. Currently, Excel and emails are the primary communication tools. However, there are signs that RFPs are moving in the same direction as other finance process automation — to an online browser interface format.
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Published September 5, 2024