Between 8-10% of banks annually review whether their core system is robust enough to help them support their customer base and grow their business. A Core Systems Selection, as covered in this session, is the process that the organization goes through to determine if it is time to migrate to a new core platform. For Financial Institutions (FI’s) that do not have the internal resources to do this themselves, there are a handful of consulting organizations that can outsource the systems selection process.
Some FI’s prefer to complete their own systems selection, either because they can’t afford an outside consultant, or they just want better control of the process internally. This session will give banks a peek inside how one systems selection consultant organizes the selection process, from the initial gap analysis through RFP, vendor scoring, and ultimately negotiating a contract.
What You Will Learn
- Forming a Selection Committee
- Setting Target Dates
- Performing a Gap Analysis on Current Products
- Ranking your Team’s Selection Criteria
- Deciding which Vendors will receive RFP and be invited to Demo
- Developing a Request for Proposal
- What to ask During Vendor Demos
- Financial Modeling of all Proposals
- Negotiation Tactics
- Choosing Your Vendor
Who Should Attend?
Any CFO, CIO or COO who is considering changing core vendors in the next 24-36 months.
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