Our client was a retail bank. They had already received a proposal from a potential deposit platform supplier but asked for our support to validate whether it met their needs. They hoped the selection could be made swiftly and without the need for a full tender process.
The client also asked for our help in reviewing the implementation plan and documenting an over-arching platform strategy for the bank.
Our aim was to quickly use our experience in managing selection processes to validate the proposal.
We ran workshops covering the solution, implementation plan and the commercial model which quickly brought to life those requirements the provider was able to meet and which were missing from the proposal.
We then summarised the bank’s target operating model with a particular focus on key product features and platform requirements.
Finally we looked at the implementation plan to ensure it was aligned with the bank’s wider plans and documented a wider platform strategy for the bank.
Our client received a revised proposal from the provider including the requirements previously omitted. It highlighting higher costs which could have been a nasty surprise later in the process, and avoided a lengthy change control process and additional cost, should contracts have been drawn on the initial proposal.
The documented requirements allowed our client to easily approach other potential providers when negotiations with the first supplier came to a stand still, saving time and money.