RFP Process Management–Leading Financial Services Company
Background
Our client, a leading financial services company, had an established co-branded program which it had been marketing to its wealth management customers since 2009
Following the economic downturn, our client’s card issuer made a strategic decision to downsize the number of co-branded card alliances under its management. As a result the cardr issuer was no longer interested in maintaining the card relationship with our client
Our client was seeking support in evaluating alternative card issuer opportunities in the market and securing a competitive program moving forward
Engagement Objectives
Evaluate the current program and alliance agreement
Identify areas of opportunity and concern
Plan and manage a comprehensive partner selection process
Create the RFP document
Evaluate / negotiation all proposals
Provide partner recommendations
Support contract negotiations
Results
Selected a new, highly motivated card issuer
Renegotiated agreement with the current payment network
Increased card issuer provided compensation by 25%
Increased payment network provided compensation by 50%
Created more balanced card issuer agreement, reflecting current marketplace best practices
Created portfolio-win-back strategy expected to exceeded legacy asset and account base in 24 months
