BRIEF DESCRIPTION OF THE COMPANY
Citimortgage is the mortgage lending arm of Citigroup Inc., the world’s largest financial services organization. Citigroup provides a range of financial services to some 200 million consumer and corporate customers in more than 100 countries
Citimortgage had outsourced the printing and mailing of many customer communication documents to a third party vendor located in Dallas. However, Citimortgage believed that the existing combination of vendor and supporting processes and systems was not appropriate to support the expected growth of the business. In order to tackle these issues, Citimortgage decided to take two main steps:
- Acquire a software product to improve its abilities to process the billing and marketing information in house prior to submitting the files to the vendor.
- Look for alternative printing companies offering a better service to Citimortgage. This would be possible once Citimortgage did not depend so heavily on the processing of information at the existing vendor.
In order to provide counseling with the technological tool to be chosen and to identify and select the best print vendors, Citimortgage decided to work with Hexacta.
Hexacta conducted a blind RFP, meaning that the RFP was led by Hexacta with no indication of who the final client was. In order to do so, Hexacta first conducted an initial screening of the potential vendors. As a result of this screening, a long list of 21 vendors were chosen: vendors matching Citimortgage’s needs, with production facilities in the area defined by Citimortgage, and with the size to guarantee enough production capacity to absorb Citimortgage’s production volume. All the vendors in the long list received a comprehensive RFP with over 100 questions to be answered including information related to:
- General vendor profile
- Clients & References
- Quality Assurance
- Production Requirements
- File Requirements/ Transmission
- Tracking, Auditing and MIS
- Storage and Viewing of Electronic Files
- Procurement & Stock Management
- Component Pricing