Artisan’s Virtual RFP Can Help

When a small community bank realized they needed to find a new core processing provider, they quickly discovered they were inadequately prepared to undertake the search effort. They knew little about the provider market – who the players were or what provider would be the best fit for a bank of their size. As with many small banks, no one on their team had the skills or experience necessary to successfully negotiate contract terms or cost. Although there are consulting groups that specialize in negotiating and managing the core processing provider process, the bank discovered their fees were generally cost-prohibitive.

“This is a situation that many small banks find themselves in regularly,” according to Steve Heckard, managing director at Artisan Advisors and co-leader of the Core Financial Technology Consulting practice. “They need a solution that works for them, that’s cost effective and gives them peace of mind that their best interests are being considered when selecting a new core vendor.”

That’s where Artisan Advisors comes in. Its core financial technology consulting services focus on generating more favorable contract outcomes for banks, from the development and implementation of a proven competitive core vendor assessment process. Artisan provides core vendor evaluation, managed contract renewal and in-house transition to outsourced processing assessment, among other services, for large and small financial institutions.

Small Bank Solution

For smaller institutions, Artisan Advisors offers its vRFP – a comprehensive contract review process which is implemented virtually to minimize engagement fees and provides project management, industry knowledge and overall assistance with a competitive vendor review. We perform significant due diligence in reviewing existing contracts, invoices, bank strategies and objectives, while also evaluating how the bank utilizes the services being received. Additionally, we use the vRFP to define bank requirements and collect vendor due diligence. Artisan manages the entire process, provides financial analysis of proposals, and negotiates contract terms, resulting in a contract that works for the bank and helps them achieve their strategic goals.

“The vRFP is designed for smaller community banks facing the difficult task of evaluating core solutions,” said Matt Bergman, managing director at Artisan Advisors and co-leader of the Core Financial Technology Consulting practice. “We help banks avoid one-sided contracts and keep them from being sold a solution that doesn’t fit.”

Bringing decades of experience to the table, Artisan’s industry experts are deeply steeped in the complexities of the core vendor services industry. We can support your financial institution through any transition, ensuring that you will partner with the vendor best able to meet your needs.

To learn more about Artisan’s vRFP and our full slate of core financial technology consulting services, contact Steve Heckard or Matt Bergman.