The Bank Core Evaluation engagement is available for financial institutions of any size which are considering a new core processor or are about to reach the end of the current core contract. The Core Evaluation service provides a full service project for managing the entire evaluation and selection process.
·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
·Are you satisfied with your core? ·Are you including a review of account processing, item processing, and ATM management? ·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 core offerings? ·Do know what your organization should be paying for core 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
Account Processing Internet Banking Item Processing Remote Capture ATM Management Customer Relationship Management Profitability Loan and Deposit Work Flow