We are confident that you will agree all financial institutions are not the same and, likewise, we do not believe all consultants are the same. That feeling lead us to establish the Value Based Procurement Process (VBP) in 2003 and serves as the benchmark Fulcrum uses with all of our 70 plus clients. While a check package is certainly not a cutting edge product, we would contend it is a mission critical product because of the frequency of the interaction with your customers. Not to mention the personal attachment people have with their checks. This is where VBP comes into play and listed are a few of the key steps.
Discovery: Fulcrum interviews all relevant touch points the institution has with the incumbent check supplier. This creates the basis for establishing the exact set of needs you will have from a check supplier.
Establishment of check program review mission: Should you go to bid, or simply re-negotiate and extend with the incumbent? This step is impossible to decide until Discovery and the program mission is determined.
Establish financial benchmark: Fulcrum will utilize all of the incumbent supplier’s reporting apparatus to build a benchmark grid. This grid will be used to compare financial offers from the incumbent or another supplier.
Shepherding: Fulcrum does all the work while keeping all decisions and strategic control with the financial instituion where it should reside.