2nd Step on the Pathway to Recovery®

2nd Step on the Pathway to Recovery®

cashvest® by three+one® has developed a comprehensive plan to navigate a changed marketplace since COVID. We previously shared the 1st step in this pathway; today we share Step 2 for getting your public or higher-ed entity on the financial Pathway to Recovery® with our 6-step plan.

Hear It For Yourself. rfpPrep® Is Helping Public Entities

Hear It For Yourself. rfpPrep® Is Helping Public Entities

For any public entity or higher-Ed institution, a productive relationship with your banking partners is absolutely necessary given the depth of financial complexity for these sizable organizations. Using rfpPrep® by three+one®, your entity can streamline the RFP process of procuring banking and merchant services with a single, customized portal where financial institutions can respond to your request-for-proposals. You receive error-free bidding and analysis in a fraction of the time typical of the RFP process.

Beaufort County, SC Treasurer Maria Walls shares with you her experience with rfpPrep® and the benefits to her taxpayers.

A Pile of Paper…or Not

A Pile of Paper…or Not

The clock is ticking, it’s 2:00 pm. In front of you is a pile of eight thick envelopes, each containing some 250 pages of paper, weighing 20 pounds or more, all told.

In the pile are the repliefrom the eight different banks that responded to your entity’s Request for Proposal (RFP) for banking services.

The committee you assembled to review and score these RFPs looks on with apprehension and bleary eyes as each envelope is opened and tasks are parceled outIts up to this group to read over 2000 pages, figuring out all the bank lingo, comparing your banking needs to the services being offered, and considering price comparisons.

Two weeks go by, maybe more. The elite group reconvenes and discusses comparisons and possible assumptions of what these eight banks may mean in their confusing phrases, disclaimers, smallprint disclosures, and pricing that varies widely.

When the time finally comes to rank each bank against the others, one team member suggests throwing darts to see which one gets a bullseye. That may be easier than figuring out which bank is the best overall fit, she adds.

Tons of paper to wade through, maybe even months of confusion and delays, and then there still may be angst about changing banks. Such are the fears finance officers have on their mindwhen considering even issuing a bank RFP in the first placeOne may think it’s better to leave everything “as is” rather than to start the processunless an RFP is mandated.

The fears of hearing the words bank RFP” can be a thing of the past. With three+one®’s rfpPrep®, the first online banking RFP service for public entities and higher Ed institutions, the ease in issuing, reviewing, and objectively scoring RFPs has never been easier.

Our proprietary rfpPrep® software cuts the bankRFP process down from months to weeks, creating highly competitive responses and pricing that is easy to understand because you’re able to truly compare “apples to apples.” Instead of reams of paper, emphasis is placed on strong banking relationships, and the most competitive pricing in the marketplace.

The best part of rfpPrep® is that it’s 85% more efficient and 75% more cost effective vs. the RFP practices to which you’ve become accustomed.

The future is here, and rfpPrep® can be used for banking, investment advisory, and insurance RFPs.

Save the fret, time, and paper by putting three+one®’s rfpPrep® service to work. Instead of fearing the process, your team will have more time to meet the needs of those you serve. You’ll save money and the environment—and rest assured of a stronger banking relationship in both services and pricing.

Are You Prepared for the Banking Revolution?

Are You Prepared for the Banking Revolution?

Residents of Rochester, NY, like me, remember all too well when Eastman Kodak discovered the new world of digitized photos, which was revolutionary compared to actual film. As both forms of photography were compared, Kodak management decided to stay with the use of film as their standard product given stronger profit margins over digital. We all know where that led. The companies that developed and brought digital to market—in ways we never thought possible—flourished, especially when quality digital cameras were added to smart phones.

Similarly, the landscape of banking is changing at a rapid pace—and in ways that we would have never imagined.

Let me be clear, the way we bank in the future will not be the same as we know it today. The type of banking institutions will change as did the companies in the world of digital photography.

Apple CardFor starters, who would have imagined a few years ago that tech giants Apple, Google, and Facebook would enter the world of banking? Who would have foreseen the revolution of blockchain technology? Changes like these could mean a shift away from brick-and-mortar bank branches. Many traditional banking services andinstitutions could very well change beyond our imagination.

I fully expect the largest banking institutions will play a major role in this revolution. However, they will have to be strategic, forward thinking, and open to change. A perfect example is Goldman Sachs’ role in managing Apple’s new credit card. Personally, I questioned why an institutional-oriented bank would have agreed to roll out, qualify, and manage retail clients; it just seemed to be a mismatch, which has proven to be the case.

On the other hand, combining the forces of Google and Citibank does make sense to me, given their similar retail focus. Working together, they anticipate offering checking accounts to Google clients next year.

Names that are now appearing in the financial marketplace are not the ones we’re used to seeing as related to banking services. Similarly, a dozen years ago, who would have ever guessed Apple would make the number one device used in taking pictures?

It should be noted that more and more millennials, who make up over 84 million of the US population, would prefer to bank with Amazon, Apple, Facebook and Google over a traditional financial institution, if such an option was available. This in stark contract to the way baby boomers and Generation Xs conduct their personal banking today.

The way we bank is going to become far different than we know it—and at a cheaper cost. How the Fed and bank regulators deal with these changes is going to be interesting to watch.

At three+one®, we’re poised to help you navigate through the anticipated changes in banking. Our liquidity and treasury analysis programs, coupled with rfpPrep®, can help you become aware of how changes will affect you and your organization. This will be reflected in both the institutions you deal with, and how your taxpayers/students will transact with you.

While the world of banking will likely change significantly, the team at three+one® will be consistent, always committed to proactive and forward-thinking technology, liquidity analysis and customer service.