DIY Core Systems Selections

on "March 18, 2021 3:33 pm"

Whether your credit union is in the process of changing out your core vendor, or any of your other major IT providers, this session should provide insight into how to organize your process should you opt to "do-it-yourself".

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DIY Core Systems Selections
Wednesday, March 24, 2021 • 5:00 am - 6:30 am HST  •  OnDemand playback is included

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Between 8-10% of banks and credit unions annually review whether their core system is robust enough to help them support their customer base and grow their business. A Core Systems Selection, as covered in this session, is the process that the organization goes through to determine if it is time to migrate to a new core platform.

For credit unions that do not have internal resources to do this themselves, there are a handful of consulting organizations that can outsource the systems selection process. Some credit unions just want to complete their own systems selection, either because they can't afford an outside consultant, or they just want better control of the process internally.

This session will give financial institutions a peek inside how one systems selection consultant organizes the selection process, from the initial gap analysis through RFP, vendor scoring, and ultimately negotiating a contract.

Whether your credit union is in the process of changing out your core vendor, or any of your other major IT providers, this session should provide insight into how to organize your process should you opt to "do-it-yourself".

What You Will Learn

  • Form a Selection Committee
  • Set Target Dates
  • Gap Analysis on the Current Products
  • Rank your Team's Selection Criteria
  • Decide on Top Vendors that will receive RFP and be invited to Demo
  • Develop Request for Proposal
  • Vendor Demos
  • Financial Modeling of all Proposals
  • Negotiation Tactics
  • Choose Your Vendor

Who Should Attend?

COO's, CIO's, CFO's, Executives engaged in vendor RFP process.

About The Presenter

Charlie Kelly is a Partner at Remedy Consulting. Remedy advises banks and credit unions on systems selections and contract negotiation, vendor management, mergers and acquisitions, and technology strategy. Kelly hosts a thought leadership podcast for bank executives called BankTalk.