Experience: Core Banking Systems

Client	Project	Benefits
Omani Bank	Large Bank based in Oman whose core banking system was legacy Cobol based on obsolete technology. The lack of flexibility was hindering the ability of the business to bring new products to market. ITEF used its core banking system selection methodology to: Create a vendor short list Define the business requirements Develop the Request for Proposal Develop the vendor evaluation criteria and model Evaluate the vendor responses Assist in developing scripted scenarios ITEF also provided support for the reference site visits and during the implementation we carried out an independent review of the vendor’s performance.	Rapid requirements definition and vendor shortlisting based on ITEF Core Banking model. Best practice procurement and selection models. The Bank successfully selected a new core banking system. The on-going reviews provided advice and guidance during the implementation.
Mauritian Bank	Bank based in Mauritius. The Bank had purchased a package core banking system about 12 years ago but had also purchased the source code. The system had been heavily customised in the intervening period and was becoming expensive and difficult to maintain. ITEF used its core banking system selection methodology to: Create a vendor short list Define the business requirements Develop the Request for Proposal Develop the vendor evaluation criteria and model Evaluate the vendor responses Assist in developing scripted scenarios ITEF also provided support for the reference site visits by defining interview questions as well as evaluation questionnaires. Subsequent to the primary and secondary vendor being identified, ITEF assisted in the contract negotiations to enable the Bank to get the best deal in terms of price as well as licence model and terms and conditions.	Rapid requirements definition and vendor shortlisting based on ITEF Core Banking model. Best practice procurement and selection models. The Bank successfully selected a new core banking system. Substantial licence cost reductions were achieved during the negotiations. Many contract terms unfavourable to the Bank were negotiated out of the contract. The on-going reviews provided advice and guidance during the implementation.
Omani Bank	Oman based bank which had just obtained a Banking licence to operate in Saudi Arabia. The Bank wished to open an Islamic Banking operation in Saudi and had shortlisted two vendors. ITEF adapted its methodology to evaluate both vendors under a number of criteria and provided a recommendation as to which vendor was the best fit for their requirements. ITEF also participated in reference site visits.	Rapid evaluation of shortlisted vendors using ITEF Core Banking model. The Bank successfully selected a new Islamic banking system.
UAE Bank	Bank based in the UAE. The Bank ran its own selection process but asked ITEF to: Review that the process was methodical and would therefore ensure a correct selection decision Provide an overview of the strengths and challenges of each of the shortlisted vendors	The Bank’s selection approach was validated independently, giving them additional assurance that they had selected the right product.
Jordanian Bank	Bank based in Jordan, running an old mainframe based platform based on Cobol which was inflexible and for which the Bank was finding it very difficult to source skills to carry out essential maintenance and development. ITEF used its core banking system selection methodology to: Create a vendor short list Define the business requirements Develop the Request for Proposal Develop the vendor evaluation criteria and model Evaluate the vendor responses Assist in developing scripted scenarios Development of questionnaires to evaluate reference site visits Participation in reference site visits Development of a negotiation strategy Contract review with the preferred vendor Development of a high level project plan Development of project governance structures	Rapid requirements definition and vendor shortlisting based on ITEF Core Banking model. Best practice procurement and selection models. A defined and systematic methodology supported the bank through the process.