Why every digital banking evaluation needs an RFP

Structure the process. Protect the decision.

Choosing a digital banking platform isn’t about who gives the best demo, it’s about who can actually deliver. And once you’re past the pitch, the only way to know that is by asking the right questions in a format that gives you real answers.

That’s where your Request for Proposal (RFP) comes in. A strong RFP doesn’t just collect proposals, it protects your institution from costly surprises. It brings structure to your process, clarity to your vendor comparisons, and credibility to the decision you’re leading your team through.

That’s why a formal RFP process isn’t just helpful, it’s essential.

What an RFP actually does (and why it matters)

An RFP is more than a vendor document. It’s a strategic alignment tool that helps your internal team get clear on what matters most and gives your vendors a consistent way to respond.

A good RFP helps you:

• Define your must-haves: technical, functional, and strategic
• Ask consistent questions across vendors
• Uncover red flags before contract time
• Compare proposals side-by-side
• Gain clarity on a vendor’s corporate strategy & vision

An RFP creates clarity for both sides. It prevents ambiguity, forces vendors to articulate how they meet your needs (or don’t), and ensures your internal teams are aligned around what matters most.

Why skipping the RFP is a risk you don’t want to take

We’ve seen it too many times: demos go great, executive buy-in is strong, and then… integration gets messy. Support gets slow. Or critical features aren’t actually ready.

Without a structured RFP process, you risk:

• Letting vendors guide the conversation around their strengths, not your needs
• Missing input from internal teams that will live in the platform every day
• Realizing functional or integration gaps after the contract is signed
• Losing site of your internal goals in a maze of features and roadmap promises
• Having no consistent framework to compare options or explain decisions to stakeholders

An RFP puts your team in control. It aligns the evaluation process to your strategic goals, not just feature checklists. It’s an essential step for digital leaders managing multi-functional teams — product, IT, operations, UX, and compliance — all of whom need to see their requirements represented in the vendor selection process.

What a good RFP reveals about a vendor

A strong RFP doesn’t just reveal answers, it reveals mindset.

With a thoughtfully written RFP, you’ll learn:

• How deeply the vendor understands financial institutions like yours
• Whether their roadmap aligns with your innovation goals
• How flexible and open their platform actually is
• Realistic timelines for implementation
• How they approach partnership, communication, and support

Vendors that respond thoughtfully and transparently are the ones most likely to become trusted partners, not just vendors.

Download the Sample Digital Banking RFP Template

To help you build your own, we’ve created a fully editable Sample RFP Template built by experts and structured for real-world use.

• Executive overview and goal-setting prompts
• Pre-built sections for UX, data, security, APIs, integrations
• Functional & technical deep dive questions
• Timeline templates and evaluation criteria prompts
• Editable response formats to compare vendor answers

You can share it with your stakeholders, modify it to fit your needs, and send it to every vendor you’re considering. It’s your playbook for running a smart, aligned, high-impact digital banking vendor evaluation.