Cracking the Bank RFP Code - Voice of the customer insights exposing the opaque world of Bank Requests for Proposals (RFP)
East & Partners Global Insight report series explores key issues identified by corporate banking customers as part of the group’s long running core research programs including Transaction Banking, Credit, Trade Finance, Business FX, Equipment Finance, Merchant Payments and Customer Sentiment.The latest report reveals valuable insight into the opaque world of Bank ‘Requests for Proposals’ (RFPs). This exclusive analysis follows the H2 2019 Onboarding Global Insights Report and provides a unique global analysis of clear ‘voice of the customer’ insights across key RFP triggers, average number of RFPs and their success rate, typical execution time, average bank number tendered and shortlisted, top selection factors, pain points, document format preference, expected turnaround time, average value, outsourcing appetite, role allocation, performance by bank, country scope, most recent RFP result and key special factor banks must improve.
The purpose of the report is to identify and guide East’s clients including banks, financial service providers, regulators and legislators on key areas of opportunity emerging in the global institutional banking market. Direct interviews were conducted with the Top 100 revenue ranked corporates in each of eight countries - Australia, China, Hong Kong, Singapore, Germany, the United Kingdom, Canada and the USA. All interviews were conducted on a direct basis with the individual responsible for the treasury and banking function.
CFOs and corporate treasurers from 747 out of a defined population of 800 institutional enterprises with annual turnover of US$725 million plus participated in the research without incentive, including an even split of multinational corporations (MNCs) and domestic enterprises.
CONTENTS
About the report |
Introduction |
RFP Reality Missing Expectations |
The Corporate Experience Issuing RFPs |
Global RFP Best Practice |
Unlocking Customer Pain Points |
Where is the RFP Value? |
Secret for Success |
Digitisation Must Boost RFP Efficiency |
What Next for Bank RFPs? |
Detailed Data Tables |
Bank RFP Triggers |
RFPs Undertaken – Last 10 Years |
Percentage of Successful RFPs |
Recent Tender Success Ratings |
Time Taken to Execute RFP Stages |
Banks Approached and Shortlisted |
Top RFP Bank Decision Influence Factors |
Bank RFP Process Pain Points |
Preferred RFP/Tender Documentation Format |
Acceptable Provider RFP Response Time |
Typical RFP Values |
RFP Outsourcing to External Providers |
Primary Role Responsible for RFP Process |
Overall Bank RFP Experience Ratings - Australia |
Overall Bank RFP Experience Ratings - Canada |
Overall Bank RFP Experience Ratings - China |
Overall Bank RFP Experience Ratings - Germany |
Overall Bank RFP Experience Ratings - Hong Kong |
Overall Bank RFP Experience Ratings - Singapore |
Overall Bank RFP Experience Ratings - United Kingdom |
Overall Bank RFP Experience Ratings - United States |
Scope of Most Recent RFP |
Result of Most Recent RFP |
Suggested RFP Process Improvements |