The RFP Trap: How to Tell If a Vendor’s “Yes” Is Real

In a diligence system where a confident “yes” is rewarded over an accurate “yes”, it’s no surprise that every vendor wants to say yes to every RFP question presented. In their eyes, the yes doesn’t necessarily distinguish what they’re seeing as a capability versus a promise. But how does the bank determine whether a vendor answering yes on a question means yes, right now, not yes, someday?

A Yes Isn't a Yes Until You Know What It's Attached To

In the startup world, technology is often sold and seen as a future-envisioned product, not necessarily what is live and deployed today. The same promise of yes may cover a feature that’s shipped and running, something that may still be on the roadmap for the next few quarters, or even a version of the product that may have been built but never deployed.

When new companies pop up left and right promising the world, the timeline for production rollouts becomes as disqualifying as a feature not aligning with the bank’s needs. At times, vendor-led projects that are scoped out for a year or more get ruled out as an option before the feature-benefits even had a chance to show their true value.

Long, costly custom work becomes a quick disqualifier when similarly positioned companies can deliver production paths in weeks. A vendor that promises a capability that is a real roadmap item, but 12+ months out is, in theory, making the same promise as a feature that isn’t built yet at all.

For a banker, this translates to reframing the question in order to figure out what is real today, versus what is a future promise. Instead of asking “Can you do X?”, the new question becomes “Where do you have X running today, and how long has it been in production?”

The Follow-Up Questions That Surface the Difference

Vendors are rarely eliminated for unique reasons. The same predictable issues knock most of them out. Asking those upfront can save the bank weeks of wasted diligence time.

Is it live in production today, not just a roadmap item or sandbox concept? Find out whether what you’re being sold is already live with other banks (if that’s important to your bank), and how long it’s been live.

What cores are you integrated into, and how “real-time” is the data feed connection? A product that’s proven its capability on one core doesn’t necessarily translate to deep connectivity across others.

What clients are running this today, as is, and are you able to speak to them as a reference point? Logos on a slide deck don’t always equal live, paying customers.

What is the math behind the ROI claims? A feature list is good to have, but showing the ROI in terms of deposit growth or revenue increases with actual numbers attached carries much more weight.

A Ready Vendor Looks Different From A Scrambling Vendor

The initial tell might not be in their first “yes” answer. Take a look at what happens when you ask again (and probably, again).

Vendors who’ve built the things you’re looking for will get specific, fast. They’ll share their SOC 2 certifications, their proof of insurance, and any other diligence documentation without any noticeable delays. You’ll get a clear answer on who owns the product’s configuration after the go-live date, and what is specifically prioritized on their roadmap, and how that’s related to your contract too.

Those who aren’t quite there yet might stall and grow vaguer in their answers or redirect you to the shiny new feature they’ve tacked on. While they may genuinely have intentions to build out all the things you’ve asked for, if they’re stalling on producing proof of them today, be cautious.

The Contract Doesn't Protect You From This

A signed contract doesn’t necessarily guarantee that what you’re buying works the way it was described in the RFP response.

If you’re a bank wanting to avoid any surprises, treat your RFP as Day One of your diligence process. Get the full picture: separate the technical pieces from the commercial negotiation side.  Find out what’s real and what still might be a pipedream.

If your potential vendor seems unusually annoyed by your questions, they’re the ones most likely to lose when they’re being asked.

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We hold ourselves to this standard too. If you're building an RFP, ask us the same questions, we'd rather earn the yes than just say it."

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