# Running a bank RFP: how banks score you while you score them

Source: https://firmaadvisory.com/insights/bank-rfp-scoring
Last updated: 2026-10-01

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By [Federico Lleonart](https://firmaadvisory.com/federico-lleonart) · Published October 1, 2026 · Updated October 1, 2026 · 6 min read

How do you run a bank RFP? Define requirements, give every bank the same pricing template, score answers on agreed criteria and plan the transition before the award. Remember that banks score you too, on wallet, credit need, complexity and the chance of winning. A credible, well-run RFP gets better answers.

A bank RFP looks like any other procurement exercise. It is not. The supplier is also a lender, a payment processor and a holder of your cash.

That changes how the process should run. It also means the banks are evaluating you while you evaluate them.

## When is a bank RFP the right tool?

An RFP is a strong tool, but not always the right first step. Negotiation with the current banks can achieve a lot when the relationships are sound.

An RFP makes sense in specific situations:

-   The bank panel no longer matches the credit and services the company needs.
-   Pricing has drifted for years and direct negotiation has stalled.
-   An acquisition, refinancing or expansion changes the banking requirements.
-   Service quality has fallen and the current bank has not fixed it.
-   The board wants a documented, competitive process for governance reasons.

If none of these apply, a structured negotiation with existing banks is often faster and less disruptive. The RFP can stay in reserve as the next step.

## What should the RFP document contain?

A good RFP lets each bank answer the same question in the same format. Anything left vague comes back in a different shape from every bank.

-   A short company profile: entities, countries, currencies and growth plans.
-   Volumes by service: accounts, payments by type, collections, FX and card programs.
-   Required services and the countries where each one is needed.
-   Credit needs, including the role each bank is expected to play.
-   A common pricing template, ideally mapped to standard service codes.
-   Technical requirements for connectivity, file formats and reporting.
-   The evaluation criteria, the timeline and the contact for questions.

Volumes matter most. Banks price on the business they expect, and a realistic volume file gets sharper answers than a vague description.

Include a full year of history rather than a single month, so seasonal peaks are visible.

## Who should be involved inside the company?

A bank RFP touches more of the business than most finance projects. Bring the right people in before the document goes out, not after the answers arrive.

-   The CFO, who owns the decision and the weights.
-   Treasury, who owns the requirements, the volumes and the pricing analysis.
-   Accounts payable and receivable, who know how payments and collections really work.
-   IT, who must connect the winning bank to the ERP or treasury system.
-   Legal and tax, who review account agreements, guarantees and local rules.
-   Finance leads in the main subsidiaries, who live with the result every day.

Each person should know what they score and when. A short internal kickoff saves weeks of rework later.

## How should you handle questions from the banks?

Banks will ask questions, and the way you answer them affects fairness. Use a single contact and a written question log.

Share every answer with every bank, without revealing who asked. That keeps the field level and avoids disputes after the award.

Set a deadline for questions well before the deadline for answers. Late clarifications produce late, rushed proposals.

## How should you score the answers?

Agree the criteria and weights before the answers arrive. Otherwise, the most persuasive presentation tends to win, not the best offer.

### Worked example: a weighted scorecard

The table uses illustrative weights and scores for three hypothetical banks, on a scale of 1 to 5. They are invented to show how weighting works and do not describe any real bank.

| Criterion | Illustrative weight | Bank A | Bank B | Bank C |
| --- | --- | --- | --- | --- |
| Pricing | 30% | 4 | 5 | 3 |
| Service and country coverage | 25% | 3 | 4 | 5 |
| Credit commitment | 20% | 5 | 2 | 4 |
| Implementation plan | 15% | 3 | 4 | 4 |
| Technology and reporting | 10% | 4 | 3 | 5 |
| Weighted score | 100% | 3.80 | 3.80 | 4.05 |

Bank B has the best price, yet Bank C wins on the weighted score. Bank B also offers the least credit, which matters if the panel must support a facility.

Change the weights, and the result can change too. That is why the weights belong in the RFP plan, agreed by the CFO before any answer is opened.

Score each criterion with evidence, not impressions. Pricing should be modeled on your own volumes, and service claims should be tested in reference calls.

## What the bank sees

From the bank side, every RFP is a decision about effort and price. Banks score the opportunity before they decide how hard to compete.

They look at the total wallet, meaning fees, FX, deposits and credit, against the capital and risk involved. They estimate the cost of onboarding, including KYC across every entity and country.

They also judge the chance of winning. An RFP that looks like a pricing exercise to keep the incumbent honest gets a polite, standard answer.

Incumbents read the same signals. A current bank that believes it will keep the business regardless rarely offers its best terms.

An RFP with clear volumes, a credible timeline and a real chance of award gets the bank's best team and its sharpest pricing. Banks compete hardest where they believe they can win.

## How can you make your RFP more attractive to banks?

The quality of the answers depends partly on the quality of the question. These steps signal that the process is real.

-   Share real volumes and a clear view of the wallet each bank could win.
-   Explain how credit and ancillary business will be linked in the award.
-   Keep the shortlist small, so each bank has a real chance.
-   Hold to the timeline you publish, including the decision date.
-   Give feedback to banks that lose, so they compete again next time.

## Which mistakes weaken a bank RFP?

Most weak RFPs fail on preparation rather than on negotiation. These are the common patterns.

-   Inviting too many banks, so none of them takes the process seriously.
-   Asking for pricing without volumes, which invites list prices.
-   Scoring on price alone and discovering later that credit is missing.
-   Ignoring the transition, so the winning bank cannot deliver on time.
-   Running the RFP without a fee and FX baseline to compare against.

## What happens after the award?

The award is the start of the work, not the end. Accounts, mandates, connectivity and payment flows must move to the new structure.

Plan the transition in the RFP itself. Ask each bank for its implementation team, its onboarding timeline and its approach to KYC across your entities.

Exit the banks that lose with care. They may still provide credit, and they may be needed again in a future RFP.

Finally, check the winning bank's first invoices against its proposal. Prices promised in an RFP still need to reach the billing system.

## When does outside help pay off?

A bank RFP needs a volume file, a pricing template, a scoring model and someone who knows how banks read the document. Few finance teams run one more than once a decade.

Independent [corporate banking advisory](https://firmaadvisory.com/banking-financial-strategy) runs the process from requirements to transition. The RFP works best on top of a clean baseline, built by [reading the account analysis statement](https://firmaadvisory.com/insights/account-analysis-statement) and [measuring the FX spread](https://firmaadvisory.com/insights/fx-spread-mid-market).

[](https://firmaadvisory.com/federico-lleonart)

[Federico Lleonart](https://firmaadvisory.com/federico-lleonart)

Federico Lleonart is the founder of FIRMA Advisory and its Head of Treasury Advisory. Formerly in cash management at J.P. Morgan and Barclays, he advises CFOs and private equity firms on treasury, banking and FX. [Read his full profile.](https://firmaadvisory.com/federico-lleonart)

* * *

This insight reflects general analysis and observations from FIRMA Advisory's work in treasury, banking, and cross-border financial advisory. It does not constitute investment advice, financial advice, or a recommendation in respect of any specific security, transaction, or financial decision. For analysis specific to your organization, contact us at [contact@firmaadvisory.com](mailto:contact@firmaadvisory.com).

## Continue reading

### [The banking relationship is under-managed](https://firmaadvisory.com/insights/banking-relationships-2026)

Why recurring bank cost goes unreviewed.

### [Reading your account analysis statement](https://firmaadvisory.com/insights/account-analysis-statement)

How to baseline fees before an RFP.

### [Measuring your FX spread](https://firmaadvisory.com/insights/fx-spread-mid-market)

How to compare FX pricing across banks.

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