Industry of Opportunity: Financial Services

The university has decided to move forward with a solicitation of proposals to address the upcoming expiration of the current campuswide banking relationship, which is set to expire in 2025. The timing of the process will help prepare for a seamless transition or renewal of products, services and additional benefits dedicated to supporting the campus community.

A solicitation of proposals will invite an array of financial service providers to submit proposals, including banking institutions, credit unions, mobile payment services and apps. The solicitation will help gather necessary details and updated industry information. A solicitation of proposals also allows for open participation from an array of companies through a competitive process.

Yes, UC Berkeley currently has a campuswide partnership with BMO. The current campus relationship is a 10-year agreement that commenced in 2015 after a competitive request for proposal (RFP) process. At this time, there is no impact to the current campus relationship with BMO. 

BMO remains a valued campuswide partner of our students, faculty, staff, alumni and extended community. UC Berkeley and BMO are committed to the success of our current relationship and will continue to operate in our normal capacity throughout the duration of the current campus agreement.

As a university best practice, it is common to secure a re-bid on any business relationships after a 10-year partnership within a single industry. A competitive process considers the current business requirements and updated policies of the university, along with the quality and price of goods and services. A new industry evaluation will also provide the university an opportunity to reset partnership priorities in order to best meet the current needs of the campus and our community. The solicitation of proposals will not exclude any potential providers, including BMO.

The campus hopes to identify a potential financial services provider that can support the needs of multiple groups across campus, including students, employees, alumni, retirees, as well as campus groups and departmental units.

Potential benefits to our campus community may include, but are not limited to the following:

• Convenient access to services, including an on-campus branch, ATMs, and online and mobile banking services

• Priority products and exclusive offerings to students, alumni, employees and retirees, including bank-at-work/bank-at-school programs.

• Philanthropic support for university priorities 

• Support of student scholarships, internships, mentorship programs and recruitment

• Improved financial literacy and financial empowerment opportunities for campus community members

• Sponsorship revenue to support university departments and campus programming budgets

• Exploration of potential research and innovation initiatives

The current Financial Services Working Group includes representation drawn from The Associated Students of the University of California, Graduate Assembly, ASUC Student Union, Athletics, Cal Alumni Association, People and Culture, Student Affairs and faculty.

UBPS adheres to a set of Guiding Principles when reviewing and selecting partners for campus. These principles help ensure the campus is entering into a well-rounded relationship that aligns with the university’s mission and values.

As applied to our Financial Services Partnership, our principles are:

• Brand Alignment: developing authentic partnerships that align with and support the university’s mission of teaching, research and public service.

• Priority Services: Securing partner products or services that contribute to and enhance the daily experience of our students, faculty, staff and campus community.

• Campus Impact: Enhance the lives of our students, faculty, staff, alumni and our community through the support of priority campus programs and initiatives that highlight the university’s values. 

• Revenue Growth: Pursue strategic, significant partnerships that unlock new campus revenues and program support aimed at advancing the mission of the university.

The current agreement with BMO expires on June 30, 2025. The potential new partnership would tentatively start July 1, 2025.