The Bottom Line

Overwhelmed by Your Next Vendor Contract Renewal?

Posted by Ben Mrva on Apr 24, 2018 9:00:00 AM

Vendor Contracts

If you work at a bank or credit union and are the worrying type, there is no shortage of things to occupy your mind. However, it’s not what you know that should make you worry. Most often it is what we don’t know that creates more challenges.

For example, there’s a decent chance that for most financial institutions (FIs), vendor contracts are not the source of concern they should be, especially if the supplier is a company you feel does a good job for your institution. Given the numerous issues that must be addressed in the course of business at a bank or credit union, the axiom “if it isn’t broken, don’t fix it” often serves as a default. This may make it easy to rationalize letting contracts automatically renew with incumbents who are providing satisfactory levels of service.

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Topics: Vendors & Contracts

Has “Fintegration” Gone Too Far?

Posted by Ginger Schmeltzer on Apr 17, 2018 9:00:00 AM

fintegration

The reinvention of financial services has been underway for decades. Some may argue it’s been overhyped, but clearly most Americans bank in different ways than they did 20 years ago. This may be a case study of the Bill Gates adage, that humans overestimate the potential for near-term change but underestimate it in the long run.

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Topics: Vendors & Contracts

How to Maximize Value in Vendor Relationships

Posted by Myron Schwarcz on Apr 11, 2018 9:00:00 AM

-It's not just about price.-

(Hint: It’s Not Just About Price)

Obviously, every financial institution (FI) wants to get the best possible deal from their service providers. The definition of “best” can vary markedly by FI, however. We’ve found that before entering the vendor contract negotiation process, a cross-functional team is well advised to invest the time to determine what it most wants from the relationship.

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Topics: Vendors & Contracts

CBA LIVE 2018: Why Digital and Security Driver Growth

Posted by Michael Carter on Apr 6, 2018 9:00:00 AM

CBALIVE2018_ThemeBoard_Date_1

Strategic Resource Management joined more than 1,400 other attendees at Consumer Bankers Association’s CBA LIVE in Orlando, Fla. last month to discuss fresh trends and best practices in the retail banking industry. The mixture of informative programming, expert discussions and a host of networking opportunities created an atmosphere that was energetic and engaging.

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Why It’s Time Your Institution Should Stop Trying to be Like Amazon

Posted by Michael Carter on Apr 3, 2018 9:00:00 AM

amazon image

It’s time the financial services industry, especially banks and credit unions, stop aspiring to be “Amazon-like” in their service delivery. While we are at it, let’s also jettison our desire to have user interfaces and experiences like those of Apple. And, just to make sure we are being completely fair, let’s add Google, PayPal, Venmo and others, to the list of those that financial institutions (FIs) should not worship as role models.

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