The Bottom Line

The Importance of Healthy Vendor Contract Relationships

Posted by Brad Downs on Jan 5, 2018 11:00:23 AM

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In our last blog post, I recounted the industry changes that SRM has witnessed – and in some cases helped drive­­ — since opening our doors 25 years ago. As a follow up, I’d like to highlight a key principle that hasn’t changed since 1992, one that has enabled us to successfully deliver more than $2 billion in savings – and counting – to our financial institution (FI) customers.

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Topics: Strategic Sourcing, Vendors & Contracts

How the iPhone Changed Banking and Vendor Contract Negotiations

Posted by Michael Carter on Oct 4, 2017 9:00:00 AM

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As you certainly must know – unless you are returning from a long, wireless sabbatical spent in a cloister of monks sworn to silence, the iPhone recently celebrated a “big” birthday.  The device that changed most everything about banking, shopping, driving and more is 10 years old. 

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Topics: Strategic Sourcing, Technology, Vendors & Contracts

Core Conversions: Are Financial Institutions in Denial or Pursuing New Approaches

Posted by Michael Carter on Aug 18, 2017 12:00:00 PM

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Much has been written about the “stickiness” of consumer payment apps and their value in cementing bank and credit union relationships with customers and members, but behind the scenes at most financial institutions (FIs) there is a far stickier relationship.  In this relationship, the bank or credit union is the customer and the cement composed of those mission critical services provided by their core processing vendor.

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Topics: Strategic Sourcing, Vendors & Contracts

Regulations Are a Fact Of Life: Don’t Let Vendor Contract Management Create More Expenses

Posted by Patrick Goodwin, President on Aug 2, 2017 11:30:00 AM

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The spiraling cost of complying with an ever increasing regulatory burden is possibly the greatest challenge facing US banks and credit unions – it’s not an exaggeration to label it an existential threat for some institutions. However, this threat can be mitigated by utilizing expertise available from compliance and strategic sourcing firms as well as via software automation. It won’t make the regulations go away, but it makes the process more efficient and helps make it less likely that something is overlooked.

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Topics: Strategic Sourcing, Vendors & Contracts

Proceed with Caution on Vendor Contract Changes – A Real World Example

Posted by Ben Mrva on Jul 17, 2017 9:00:00 AM

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In recent posts, we have offered words of caution concerning the perils of free money when considering a proposal, contract or addendum from a vendor. As part of our work, we are continuously monitoring the market to remain current on the trends that impact our clients. Lately, we have seen a real-time case study playing out in the market that reinforces why every proposed vendor contract amendment should be reviewed carefully.

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Topics: Strategic Sourcing, Vendors & Contracts

4 Questions to Ask Your Next Strategic Sourcing Partner

Posted by Patrick Goodwin, President on Jun 1, 2017 9:00:00 AM

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Engaging with a sourcing partner can be an effective means to improve your institution’s bottom line and protect your operations from the distractions that can be created when management must handle such duties themselves. However, it is important to note that not all sourcing management firms are created equal. As with all partners you select, some of these firms will be a better fit with your culture and objectives than others. We suggest asking the following questions before selecting a strategic sourcing partner.

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Topics: Strategic Sourcing

Strategic Sourcing: FinTech Buying Practices for Banks & Credit Unions

Posted by Brad Downs on Apr 20, 2017 12:00:00 PM

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Financial institutions (FIs) have become more reliant on their vendors – particularly in the payments and fintech areas, where technology and complexity continually advance and customers demand newer and more cutting edge solutions. At smaller institutions where professionals are already stretched thin across a wide array of duties, it’s unrealistic to expect anyone on staff to keep track of all the latest developments in these rapidly evolving tech fields.

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Topics: Strategic Sourcing