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Core Banking System Review

Core Banking System Review

We helped a banking client decide whether to renew their partnerships with their software vendors. Using our software selection program and RFI framework, we reviewed the vendor's documents surveyed their performance metrics, strategic initiatives and API enhancements, and compared them with competitors. Our team presented their findings to the client's board and leadership team, which led to more work opportunities and contract negotiations.

Challenge

A bank requested support to complete an independent assessment to determine if it was in their best interest to renew vendor partnerships.

SolomonEdwards assessed the technical documentation and commitments to gauge the viability and soundness of the existing platform, applications and progress to date on improving accessibility and performance standards.

Solution

Our team leveraged our software selection program and RFI framework to review strategic documents provided by the vendor to pragmatically increase the level of confidence in the decision to renew commitments with vendor for the next 3-5 years.

Additionally, we deployed a survey within the capability assessment of our RFI program to obtain and validate performance metrics, strategic initiatives and relevant API enhancements.
Competitive providers were invited to participate in the survey for cross-referencing and market validation.

Outcome

The content from the final presentation to the board and leadership team was used to drive contract negotiations and resulted in two additional SOWs for ongoing technical advisory work, renewal contract negotiations and oversight for a new system implementation.

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