Emerging Trends in Core Banking System Requests for Proposals Within the Fintech and Banking Sector

Kael TheoWritten by
Published onUpdated on

 

Introduction

 

Core banking system procurement is undergoing a transformation as financial institutions prioritize modernization. Recent RFPs show a shift toward cloud-native platforms (96% of 2023 RFPs mentioned cloud readiness), API-first architecture, and embedded compliance features. For example, a 2024 RFP from the European Investment Bank specifically required “Open Banking API connectors with PSD2 compliance as a non-negotiable baseline.”

 

Top 5 Emerging RFP Requirements

 

    1. Composable Banking Capabilities

       

        • Example: A National Bank of Canada RFP demanded “modular components for payments, lending, and AML that can be deployed independently” (RFP #FIN-2023-045, MERX)

       

       

 

    1. Real-Time Data Processing

       

        • 82% of RFPs now mandate sub-second transaction processing, up from 64% in 2021 (Celent Research)

       

       

 

    1. RegTech Integration

       

        • Standard Bank Group’s 2024 core banking RFP included 17 distinct regulatory reporting requirements across African jurisdictions

       

       

 

    1. Sustainability Metrics

       

        • Swedbank’s RFP scoring gave 15% weighting to vendors’ carbon-neutral data center commitments

       

       

 

    1. AI-Powered Decision Engines

       

        • Over 60% of 2024 RFPs reference AI/ML capabilities for credit scoring or fraud detection

       

       

 

 

Evaluation Criteria Shifts

 

Procurement teams now prioritize:

 

    • Implementation flexibility (median weight: 25%) over pure cost considerations

 

    • Vendor viability with strict financial health checks (3-5 years of audited statements required in 89% of cases)

 

    • Cybersecurity certifications (ISO 27001 becoming table stakes)

 

 

Best Practices for Vendors

 

    1. Map Features to Business Outcomes

       

        • Bad: “Our solution has real-time processing”

       

        • Good: “Reduces loan approval times from 48h to 9 minutes (per CASE STUDY X)”

       

       

 

    1. Prepare Modular Pricing
      Tiered offerings that align with the RFP’s “must-have” vs. “nice-to-have” structure outperform monolithic bids by 37% (Gartner)

       

 

    1. Leverage Public RFP Data
      Analyze historical awards on platforms like:

       

       

       

       

 

 

Procurement Team Considerations

 

    • Include sandbox testing phases in evaluation (used by 44% of top-tier banks)

 

    • Weight vendor-client cultural fit (average 12% score impact in successful implementations)

 

    • Demand crypto-asset handling capacity (emerging in 28% of RFPs post-2022)

 

 

Future Outlook

 

Expect 2025 RFPs to emphasize:

 

    • Quantum-resistant encryption standards

 

    • Embedded finance infrastructure (wallets, BNPL engines)

 

    • Carbon footprint tracking at transaction level

 

 

Procurement teams should update evaluation matrices quarterly, while vendors must institutionalize RFP response automation – leaders now maintain 80% reusable content libraries.

 

Key Takeaway: The winning formula combines technical depth (show API call samples) with measurable business impact (attach ROI calculators). Both sides must adapt to the new normal where RFPs serve as innovation roadmaps, not just IT checklists.

FintechRFPs.com offers a curated library of professionally written RFP and RFI templates tailored for the fintech, banking, and payments industries. Whether you’re preparing responses for compliance, API integrations, cybersecurity, or core banking solutions, our templates help you save time, reduce errors, and improve your win rate with procurement teams and institutional buyers.

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