Banking System Selection

Choose the Right Bank Technology – Quickly and Efficiently

In a time of increasing customer expectations, numerous new banking products, and an evolving regulatory environment, having the right information technology is vital to a bank's operations. As bank executives look to enhance their systems and capabilities, it's critical that they select the vendor and system that best meet their principal business needs. The wrong choice can drag down an organization for a prolonged time, saddling it with a system that is poorly aligned to its needs and strategy and a vendor that is unable to respond to its requirements. But the right choice can transform a bank by providing added functionality, streamlining operations, and supporting business strategy more effectively.

Crowe Horwath LLP has developed a system selection process that helps banks identify their needs and requirements with clarity and precision and then quickly and efficiently determine which system and vendor will provide the best solution to meet those requirements.

The Crowe system selection methodology consists of five steps, with specific deliverables for each step to provide direction, track progress, and support stakeholder engagement.

Step One
Prepare for the Project


  • Establish project team
  • Organize project
  • Schedule project

Step Two
Confirm Strategy


  • Review business strategy
  • Confirm strategic objectives
  • Review existing technology
  • Describe technology framework
  • Confirm technology plan

Step Three
Establish Criteria


  • Review business process
  • Document business and technical requirements
  • Define evaluation criteria
  • Analyze vendor short list
  • Construct request to vendors

Step Four
Perform Evaluations


  • Make initial vendor presentations
  • Develop demo scenarios and scripts
  • Evaluate vendors
  • Conduct demos
  • Score vendor solutions
  • Evaluate vendor proposals
  • Check references

Step Five
Make Final Selections


  • Final selection
  • Conduct site visits
  • Negotiate contracts
  • Plan implementation

Drawing on decades of financial institution experience, Crowe facilitates and streamlines the vendor selection process, providing structure, rigor, and the essential tools banks need to reach the best outcome quickly and efficiently. The Crowe approach has been shown to be particularly effective in facilitating the selection of information technology providers.

Throughout the process, Crowe professionals emphasize understanding the issues, collaborating with decision-makers, and maintaining open communication to build consensus throughout the organization. The result is a shorter process that offers a direct, empirical path to system selection. In fact, the Crowe methodology has been shown to shorten the selection process by 33 to 50 percent, delivering cost savings, efficiency, and clarity.