Five years ago, my credit union converted to a new core system. Here’s the request for proposal (RFP) I always wanted to write, but never did.
To whom it may concern:
XYZ Credit Union is currently asking interested vendors to submit RFPs for a new core processing system. Please understand, it’s not that we want to look for a new system or anything.
In fact, according to my CEO, our current system is probably good for another 20 years (because he plans on retiring in 10).
But we’ve found a few minor deficiencies in our core system—most notably that it was last upgraded in 1975, and what little support we get is currently supplied by Spanish monks.
In any event, we’re asking vendors to answer the following questions for our amusement. These questions will help us make a choice we may very well regret for the rest of our careers. But those are the breaks. Please tell us:
Thank you. Finally, please summarize in one page (or less) why your company is the best match for ours.
Or just take our CEO to lunch. He likes the little place on the water.
JAMES COLLINS is president/CEO at O Bee CU, Tumwater, Wash. Contact him at 360-943-0740.