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Download the System Selection Guide
This guide provides an overview of the key steps financial service institutions (FIs) should consider when selecting new core banking systems. This step-by-step analysis of best practices is designed to guide FIs during the selection process and help them streamline their selection process. Following these guidelines, based on years of practical experience in system selection will help FIs avoid common traps and ensure they get the best system available based on its unique requirements.
Who should read this paper
This paper is intended for individuals involved in systems selection at financial service institutions (FIs). It is designed to provide insight into best practices used in the selection and purchase of large-scale core banking systems. It aims to provide an overview of the issues FIs face in selecting the best system to address their needs. It will help FIs understand the standard procedures for identifying, appraising and selecting the systems available on the market, avoiding common pitfalls, understanding how the vendors in this market operate and finally readers will have tools in order to negotiating a price to its best advantage.
Contents:
- Introduction
- Importance of comprehensive business strategy
People factor
- Dealing with vendors / Getting executive approval / Building a team
- Building a business case and project planning
Getting executive approval
- How to engage the end user
- Structure & evaluate RFI
Establishing a relationship with vendors
- Structuring the RFP
- Dealing with vendors
- Steps to follow
- Assessing the proposals
- Assessing the preferred system
- Negotiating the deal
- Planning for implementation
This 20 page guide is available compliments of the StartaBank.ca consortium, sponsored by TELUS, Fasken Martineau, Open Solutions, KPMG
Download the System Selection Guide
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Take your pick, changing core banking systems is as risky and complicated as open heart surgery or changing the engine of a fighter jet in mid-flight.
David Moulton, Financial Services Consultant, TELUS
‘Our big concern was to ensure that our employees were able to work with the new technology.’
Steve Gesner, CIO Meridian
A bank must be aware that they may not have all the skills in house to perform all the necessary functions: afterall how often does one change a corebanking system during ones career?
Neil Beckley, independent consultants, formerly director of sales at BIS, Delta Informatique and also Neptune Software PLC. Beckley also worked at Deutch Bank.
If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not your enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.
The Art of War, by Sun TZU
On the flip side - do your homework when the vendor provides costs - are they giving you a sales proposal or are they providing you with a cost that reflects “your project”. Time and time again vendors have the sales team provide a cost that does not cover the true cost of a project nor does it reflect the activities that each side must complete. Not only does this cause frustration on both sides but tends to cause delays, work arounds, compromises and in some cases legal action.
Greg Marsh, independent consultant serving many Canadian FIs
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