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Best-fit Portfolio & Wealth Management system selection for a Maltese bank

Client Cases

The Client

Our client is a private bank, with 11 branches across Malta offering services such as savings accounts, home loans & personal loans. The bank also provides Wealth Management services since it is licensed as an investment services firm & caters to corporate customers as well. The client was keen on selecting a Portfolio & Wealth management system that could enhance the functioning of the Wealth Management division of the bank.

The IBSi Approach

The client mandated IBSi to assist with the shortlisting & selection of a best-fit Portfolio and Wealth Management System. To achieve that, IBSi carried out the following:

  • A Request for Proposal (RFP) was designed covering key components such as service level agreements, payment terms, legal terms & other conditions decided by the client
  • IBSi employed its proprietary knowledgebase to determine a list of 8 potential vendors; 4 vendors were shortlisted as per a high-level fitment to whom the RFP was issued
  • RFP responses were thoroughly reviewed by the IBSi team

Outcome

  • Vendor presentations covering all functionalities were facilitated as per a day-wise agenda with multi-stakeholder engagement 
  • The grading scale prescribed by IBSi aided in the accurate & holistic grading of business requirements during vendor presentations
  • A comparative analysis between vendors was provided using IBSi’s proprietary ‘FTV’ (Functional, Technical & Vendor) scoring methodology
  • The top two best-fit vendors were recommended to the bank through a detailed final report 
  • IBSi conducted a detailed commercial & contractual evaluation for the top two shortlisted vendors
  • Five-year total cost of ownership for both the vendors was determined & compared based on a formulated framework
  • A negotiation pack was created for the Bank to recommend key areas of negotiation & also provide a comprehensive report on the impact of the vendor’s value proposition on bank operations