Transform your Finserv role with an improved RFP response process

Unlike tech-savvy software organizations who have been around for a decade or two, many financial services companies have existed for a century—well before planes flew in the sky. And some processes are as old as the company.

Thankfully, World Wide Technology reported that 2019 is the year when we will see a push towards massive workload migration to the cloud, with figures from 20% to 50% advertised by various banks. This push will trigger significant investment in automation, security, and cloud management.

Whether a financial services organization focuses on the B2C or the B2B space, challenges are synonymous in both sectors for a subject matter expert. By staying dedicated to your RFP response process, you’ll start to see transformational growth.

Challenges B2C and B2B financial services experience

Lester Leong is the VP of Data Science & Strategic Planning at Wells Fargo. As a subject matter expert, his field blends data science and corporate finance. The top 3 challenges Lester sees SMEs face at financial services organizations are:

  1. Digital transformation – The process of breaking data silos and combining data from all parts of the company is a strategic endeavor that takes anywhere from a few months to a few years to accomplish.
  2. Organizational buy-in – Change comes from the top-down. Leaders of the organization must be committed to sharing data in fostering further insight and innovation.
  3. Putting the user first – In the cutting edge of data science, teams must always keep the user needs in mind—and how their products help the top or bottom line.

Dan Salva is the Co-Founder of Will & Grail and a subject matter expert who has written for financial services companies for over three decades. The top 3 challenges Dan sees SMEs face at financial services organizations are:

  1. Complicated products and services – Having expertise on the subject is just half the battle. A valuable SME knows how to make content easy to understand and relatable.
  2. Inward-focused organization – The Finserv industry is a laggard in customer experience. A valuable SME focuses on customer experience and knows how to present the organization’s offering in a customer-focused manner.
  3. Navigating compliance – A valuable SME knows how to navigate the tricky waters of compliance, sometimes even collaborating with compliance teams to reach an optimal solution.

Transformation through your RFP response process

Although B2C and B2B organizational challenges are typically separate schools of thoughts, the SME challenges Lester and Dan shared are synonymous for most financial services RFPs. Transformation can occur through multiple facets of the organization, including your RFP response process.

Digital transformation

Part of digital transformation is using technology to meet customer expectations and stay ahead of your competition. Another part is being able to disseminate and share information, which is a common uphill battle with RFP responses. You and your team need to find and source that content, then manage and execute it effectively.

Organizational buy-in

Subject matter experts are the frontline RFP responders. Every day you’re digging into the trenches and fighting to find new solutions. Organizational buy-in starts with the team on the frontline. Then, you turn to the leaders in your organization to get them to sponsor your ideas, whether that’s a better process or new technology, like RFP software.

Putting the user first

Revenue earnings of the company depend on putting the customer first in your process. As the subject matter expert, your focus is always to put the user first. Your end goal is the satisfaction of the user, because that’s what drives revenue. The person who is happy is the person who is buying.


Crystal Grainger

Crystal is the Sales Enablement Manager at RFPIO. She has over a decade of business development experience, predominantly in the software and services space. Crystal has had the opportunity to learn every facet of running a business and all of the nuances in-between. She enjoys working on complex business problems and turning them into executable solutions. Connect with Crystal on LinkedIn.

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