You’ve heard the expression “one size” fits all. That may work in some areas but it definitely does not apply when you’re talking about a banking Request for Proposal (RFP). Your entity is unique and you deserve a banking RFP that reflects that uniqueness. “Cookie-cutter” RFPs that come from a template will lack any true color or substance, won’t reflect the individual character of your entity, —and will not likely produce the results you’re after.

One Size Doesn't Fit All

Here are four tips that can help you achieve a successful banking RFP:

1.) Ensure your next banking RFP is data rich, forward thinking, and intertwined with your institution’s ability to have the latitude it needs to be creative, with innovative technology and services enabling new levels of efficiency and cost savings.

2.} Insist that all written responses are limited to 25 pages. Who has the time to read several hundred pages of needless filler? Have your responders describe why they should continue to serve as your banking institution—or how they differentiate themselves in the marketplace. Or both.

3.) Have in-person interviews with the three leading candidates. Such conversations are much more powerful and revealing than words on paper. Go with your personal instinct on the chemistry of the team that will best serve you and your entity’s needs—especially regarding response time to your emails and/or phone calls.

4.) Have one sheet that outlines a clear-cut listing of all bank fees, including the Earning Credit Rate (ECR) and recoupment fees on all deposits. Such a listing will enable you to properly compare apples to apples.

If you feel that you don’t have the time or staff to review all banking services or perform a banking RFP, call three+one. We can provide an in-depth analysis to identify your entity’s specific banking needs, requirements, and specific data that will lead to better RFP responses and necessary pricing information.

We all have unique ways in viewing banking RFPs. Let’s make sure it fits your entity’s size and needs.

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Ohio GFOA – September
GFOA SC – October
PA GFOA – October