bfsi consulting’s specialized banking advisory services aid banks in making a thought driven and strategic decision. We do this by a thorough analysis and computation of the various requirements of the organization. Our advisory services offer Request for Proposal & Requirement Gathering and Process Consulting.
Request for Proposal (RFP) & Requirement Gathering
Producing RFPs for core banking systems can be challenging to a financial institution given the current and future complexity of the technology landscape, depth and width the bank needs. Often success or failure of the RFP lies in clearly eliciting, documenting and prioritizing the requirements for the vendor. The vendor responses are comparable and enable efficient decision making.
Consultants at bfsi consulting possess deep domain and banking process expertise including a substantial CBS implementation knowledge and routinely undertake requirement specification assignments. These are critical ingredients for producing an effective RFP.
Most legacy replacement projects require business process redefinition since it may not be possible to derive full value of a software implementation exercise by continuing to follow the existing processes. Acquisitions, regulatory changes and customer feedback can also be the triggers for a bank to redefine processes.
Normally this golden opportunity is not seized by banks due to ‘other’ project priorities.
While there exists an opportunity for process improvement, success is not a given. It requires consultants with an extensive hands-on knowledge of the target software with expertise in integration processes and a focus on process dynamics.
bfsi consulting enables its clients in clearly drawing up the existing process challenges, identify hidden inefficiencies and capture process benefits in a measurable way. A review of the existing processes, the banking software to be used, redundant tasks and skill-to-task mapping (a common cause for inefficiency due to inadequate training of users of core banking system) is done to identify the manner, area and timing of improvements to be made.