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


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

Navigating the Complexity of Vendor Contract Negotiation 

Posted by Myron Schwarcz on Jan 24, 2018 9:00:00 AM


Not that they ever were simple, but there has certainly been a notable uptick in the complexity of legal agreements between financial institutions (FIs) and service providers recently.

The driving factors behind this trend are logical­, with the current regulatory environment requiring more aspects of vendor contract relationships to be formalized. Particularly where service providers have access to customer data or support critical operations, enhanced regulatory scrutiny of third-party obligations creates added motivation for both FIs and vendors to limit their exposure. Documenting each party’s responsibilities in detail may help, but in the event of an issue, the hard truth is that customers will look to their FI for resolution, not a back-office provider whose name they don’t recognize.   

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Topics: Vendor contract negotiation

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: Vendor contract negotiation, strategic sourcing

25 Years Ago Our Business Began with a Pivot, We’ve Never Looked Back

Posted by Brad Downs on Dec 20, 2017 9:00:00 AM

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In August, SRM marked its 25th year of providing organizations with the experience and information required to optimize their contractual relationships with vendors. Although we’re far more focused on serving our clients in the present and expanding the reach of our expertise in the future than we are on our past accomplishments, it’s gratifying to be reminded of the positive impacts we have delivered to our customers over the time we have been in operation.

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Topics: Vendor contract negotiation, bank vendor management

“Trust, but Verify” – When Managing Vendor Contract Negotiations

Posted by Michael Carter on Oct 25, 2017 9:00:00 AM

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Ideally, a good business partnership should result in a “win/win” for all parties involved. Vendor relationships are no exception. No vendor will last long if their approach is predatory toward their clients. 

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Topics: Vendor contract negotiation, Vendor contract negotiations

The Next Generation of Mobile Banking

Posted by Michael Carter on Oct 18, 2017 9:00:00 AM

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In my last post, I recounted the extent to which the iPhone transformed the very notion of mobile banking. Let’s now shift the focus to catalysts for the next wave of banking innovation.

While the iPhone’s quantum leap occurred in 2007, its full impact on financial services didn’t emerge overnight because it took developers some time to leverage the opportunities this new platform enabled, and then another chunk of time for many financial institutions (FIs) and mass market consumers to embrace those capabilities. These phases were essential to making the smartphone the indispensable tool for navigating modern life, and they would be and will be repeated on rare occasions. 

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Topics: Vendor Contract Management, Vendor contract negotiation, mobile banking

How the iPhone Changed Banking and Vendor Contract Negotiations

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


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: Vendor contract negotiation, Vendor contract negotiations, strategic sourcing, iphone X

When is the Right Time to Start Vendor Contract Negotiations

Posted by Russ Bourne on Mar 15, 2017 9:00:00 AM

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The typical financial institution has dozens of contracts in place with numerous vendors that support its operations (both customer-facing and internal). As a result, staying on top of the expiration dates for all of those agreements to maintain an effective renewal process can present a significant challenge. At a minimum, doing so is simply best practice, but in other cases, such due diligence may also be a regulatory requirement or a board mandate. 

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Topics: Vendor contract negotiation