The Bottom Line

How Can Banks and Credit Unions Tap Into the AI Revolution?

Posted by Lawrence Pruss on Feb 27, 2018 9:00:00 AM

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Artificial Intelligence (AI) is the hottest buzzword in financial services. The nation’s largest banks are placing big-money bets on this still nascent technology, and countless startups are working feverishly to stake their claim to various use cases.

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Topics: Vendor contract negotiation

What You Lose By Negotiating Your Own Card Agreements

Posted by Bob Koehler on Feb 21, 2018 9:00:00 AM

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In a recent blog I noted that many financial institutions (FIs) continue to process debit transactions through four or more PIN networks, mainly due to inertia. There are numerous reasons to streamline this process — volume discounts, simplified back-office routines, reduced risk — none of which carry customer impact. Most networks no longer require their logos to be listed on the back of the card, so there’s not even a need to reissue plastic.

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Topics: Vendor Contract Management

Vendor Cost Benchmarking —How to Simplify a Grueling Task

Posted by Michael Carter on Feb 13, 2018 9:00:00 AM

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While negotiating a new vendor agreement may be the most visible part of the vendor contract management process, it’s the tedious attention to detail after the ink is dry that ensures the hard-fought cost savings materialize as promised.

This isn’t to say that service providers are looking to pull a fast one. Honest errors can (and do) occur on both ends of the agreement, probably more often than most of us would like to think. Circumstances, both internal and those dictated by market forces, also change over the life of a multi-year contract, leading to results that differ from expectations when the agreement was struck. That’s why ongoing auditing and benchmarking are essential components of any vendor contract management program.

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Topics: Vendor Contract Management

Can You Swipe Me Now? – Choosing the Right PIN Network

Posted by Bob Koehler on Feb 6, 2018 9:00:00 AM

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Americans of a certain age recall the not-so-distant days when one had to check the logos (“bugs,” in banking parlance) on the back of their card to confirm it would work at a given ATM machine or retail terminal. For this reason, financial institutions (FIs) join multiple networks to ensure sufficient reach for customers, particularly those who traveled outside their home region. As a result, the multitude of bugs on the back of cards made them look like a NASCAR driver’s coveralls.

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Topics: Vendor Contract Management