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 replies from 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 out. It’s 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, small–print 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 minds when considering even issuing a bank RFP in the first place. One may think it’s better to leave everything “as is” rather than to start the process—unless 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 bank–RFP 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.