Core and Ancillary System Selection

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Whether you are selecting a complete new core system or a single ancillary system, the advisory staff at Frederick Martin can streamline the process and guide you through selecting the most appropriate vendor. We have performed hundreds of systems selections using our proven methodology. We have no alliance or referral agreements with any vendors so the system selected will be the one that is most appropriate for your organization.

Our advisors know the major vendor’s capabilities and are extremely knowledgeable when it comes to system selection. Our advisors will help determine which vendors to consider, manage the process of narrowing the list down to the finalists and aid you in the selection of the best match based on your requirements.

Using a Proven Methodology

While each engagement in assisting our clients with selecting a new vendor is customized, we follow a time proven five phase approach that will keep the project on schedule and within budget all while minimizing your staff’s time:

  • Phase I – As Is and Desired State:

    With the use of our proprietary questionnaires we gain a high level view of the “as is state” of your current technology. Following the questionnaires, on-site executive and department interviews are conducted to obtain a more detailed understanding of your organization. By completing the questionnaires and conducting the interviews we are able to pinpoint your “desired state.” This information is then documented in a request for proposal to go to selected vendors.

  • Phase II – Vendor Selection

    We will recommend several vendors (typically 3 to 5) that best fit with your “desired state” based upon our knowledge of their current capabilities. These vendors are asked to respond to the RFP that is used to narrow down to the finalists (typically 2) who will be asked to demonstrate their capabilities at your facility.

    Following the demonstrations we recommend that a select number of your staff visit financial institutions of similar size and structure for further due diligence. Our advisors will then facilitate a meeting with your team to select the vendor of choice based on what you have learned throughout this process.

  • Phase III – Negotiations:

    Our staff has experience in negotiating hundreds of contracts including both the terms and fees. For more detailed information see Vendor Contract Negotiations.

  • Phase IV – Implementation:

    As an option we can provide project management for the installation of the new system to aid in keeping the selected vendor on task for a smoother conversion.

  • Phase V – Confirmation:

    Following the conversion, we can review the contract and compare it to what has been delivered to ensure that everything was completed by the vendor as promised. We will also review invoices to verify the accuracy of their billing.

For more information please contact us by calling (952) 303-5566 or sending an email to info@fredmaradvisors.com