EP120: Selecting a technology partner - key to a successful RFP process

Banks select vendors based on required detail and time available, leading to four common approaches: traditional RFI–RFP, proof of concept, market leader selection and strategic partnerships. While traditional and PoC methods offer deeper evaluation, they take longer; market leader and partner models are faster but rely on confidence in the vendor. The RFP remains central, focusing on the bank’s objectives, requirements, timelines and evaluation process. Effective RFPs emphasize clear objectives, defined requirements, standard templates and disciplined communication. Common pitfalls include ambiguity, excessive documentation, informal vendor interactions, shortcuts and unrealistic timelines. A well-run RFP improves vendor comparison, cost transparency and outcome quality. Importantly, RFP investments have long-term value when documentation and evaluations are archived for future procurements. Managing RFPs well is both a science and an art, and may benefit from specialist support to maximize returns on effort and cost.