Choosing a Data Processing Vendor is one of the most important decisions your bank or credit union has to make. This decision impacts the daily operations of your financial institution, but more importantly, it can affect the way customers perceive your institution. So when it’s time to evaluate your systems, let The AaSys Group help guide you through the process.
Over the years, we have developed a trusted process that guides your financial institution through the vendor evaluation process while allowing your management team and staff to focus on managing and running the institution.
Our process is divided into “phases” which allows the operations professional to manage the vendor evaluation process and perform certain functions simultaneously, to keep the project plan moving and on task.
Phase I: Discovery
We start by identifying what you are doing today, how you are doing it, and documenting challenges you face. We also learn where you plan to be 5-10 years from now and what functionality your systems will need to accommodate your goals. Using this information, we help identify the vendors that are best suited to meet your current and future needs and then customize our Request for Proposal (RFP) document specifically for your institution.
Phase II: Vendor Presentations and Evaluations
AaSys will coordinate and participate in all vendor presentations. We will also analyze all vendor pricing using our proprietary financial modeling tools to provide an “apples to apples” comparison of each vendor’s offerings extrapolated over a five-year time frame, which uses your growth projections to determine an estimated cost for the new contract.
Phase III: Vendor and Product Selection
We review all vendor information with your team to determine the best fit for your institution, while identifying all products and services to be included in your new contract, whether it be with your existing vendor or a new vendor.
Phase IV: Contract Negotiation
Using our expertise and knowledge of vendor pricing in your market, AaSys will negotiate the best pricing for your product selection so you can sign the contract with confidence.