Solution Services

The Challenge

In order for financial institutions to provide services to their customers, reliance on third party vendors is a given. Depending on the desired solution, there are potentially several vendors that could provide the services required by your institution. However, many institutions have difficulty in selecting the best vendor for their needs. Some of the common reasons for this are:

• Unclear or incomplete selection criteria
  
• Lack of “buy-in” from affected departments
  
• Inability to distinguish fact from fiction regarding vendor’s stated capabilities
  
• Disconnect between what the institution thinks they are getting and what the vendor plans on delivering

This often leads to a lengthy, unorganized vendor selection process that oftentimes results in the institution choosing the wrong solution. This creates a domino effect on the implementation of the solution that leads to confusion, infighting and ultimately to a waste of resources and capital.

Catalyst Response

Catalyst understands the complexities associated with a thorough, organized and focused vendor evaluation. Catalyst is an expert in the financial services industry and possesses a deep knowledge of the vendors, both their strengths and weaknesses. Catalyst combines this marketplace knowledge with our proven methodology to guide your institution through the spin and hype that causes confusion, level set the proposed solutions and assist you with selecting the vendor that best meets your expectations and budget.

Benefits

Catalyst’s value comes from our extensive knowledge of the vendors and a process that will minimize management distraction, document the decision process, reduce time to decision, satisfy due diligence requirements and create buy-in among the stakeholders within your institution. This will lead to much more effective implementation of the solution and ultimately to a better long-term relationship with the selected vendor.