Over the last month, we have seen bank Earning Credit Rates (ECR) jump to as high as 1.90% in a competitive setting, with savings rates on cash balances north of 2.00%. All of this follows a trend that we see continuing in 2019.
In considering a bank RFP, it is essential that you have a forward-thinking document that reaches the greatest number of the banks in your marketplace. The idea of pulling one out of a drawer from a few years back, or from a neighboring entity, will not serve you well. An RFP needs to reflect your own banking needs, now and in the future. With technology changing so quickly, the ability to conduct a banking RFP is now at your fingertips.
The process to conduct a banking RFP no longer needs to be a burdensome paper-intensive process. With threeplusone’s new rfpPrep®—an online RFP process (at www.bankingrfp.com)that includes a custom-tailored threeplusone liquidity analysis—you’ll no longer have to read thousands of pages of responses. In fact, comparing banking services and pricing becomes an easy “apples to apples” exercise.
Just imagine being able to know which banks have the best services and pricing within minutes from a final bid deadline; what used to take months to perform now can take a couple of weeks.
Under this approach, your time in conducting an RFP can be cut down by 75%, while focusing on the relationship rather than figuring out comparative pricing and confusing disclaimers through reams of paper.
The time has come to determine if a banking RFP is a priority for 2019. If so, threeplusone can demonstrate the power of rfpPrep and the ease of conducting a bank RFP right at your desk.
Your time is valuable and so are your banking relationships. If it has been over five years since your last bank RFP, now might be time to consider a new one.
The results may surprise you, both in ease and in value.
