By Ron Meyer, Senior Business Advisor for Capitalstream, Linedata
The financial services industry relies heavily on best practices. These are implemented throughout normal day-to-day business operations covering almost all areas within the lending and leasing lifecycle. However, when it comes to the software vendor evaluation and selection process, there is no consensus best practice among financial institutions. For most firms, this means software vendor evaluation and selection is a time consuming, paper intensive and expensive endeavor. Often failing to achieve its stated objective, many financial institutions never complete the process and revert back to maintaining legacy systems already in place.
Through many years of experience, Linedata has identified important considerations missing from this process and why so many vendor evaluations and selections fail to meet stated objectives.