The Bottom Line

Vendor Contract Negotiations: In Pursuit of a Win/Win

Posted by Patrick Goodwin, President on Nov 29, 2017 9:00:00 AM

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While the vendor contract negotiation exercise does not need to be an adversarial one, the chances for a happy outcome are increased when both parties feel they are being treated fairly. In fact, that is the goal of most vendors and financial institutions (FIs) we have worked with. After all, vendors have no future without FIs and FIs have not future without vendors. It is in everyone’s best interest to work toward a deal that meets the needs of all the parties around the table.

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Topics: Vendor contract negotiations

“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

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

The Power of the Bid in Vendor Contract Negotiations

Posted by Patrick Goodwin, President on May 3, 2017 9:00:00 AM

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All banks and credit unions rely on third party vendors for products and services to support the backbone of their operations. These relationships are typically governed by long-term agreements and when those vendor contracts are up for renewal, the common reaction is to sign an extension with the incumbent. Assuming service levels have been acceptable, switching costs – especially for anything connecting with a financial institution’s core system – tend to be so onerous that there’s rarely any appetite for the hassle and resource diversion that accompanies a de-conversion.

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Topics: Vendor contract negotiations