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.
Topics: Strategic Sourcing
For years, the trend in the financial services sector has been toward consolidation as the total number of US financial institutions (FIs) has been on a steady and steep decline with the roster of supporting vendors following a similar (if less dramatic) trajectory. Most recently, however, we are starting to see the supplier pendulum swing in the opposite direction, providing more choice to FIs in their vendor selection process.
Topics: Vendors & Contracts
The negotiation process for expiring vendor contracts at a financial institution (FI) often poses unique challenges. For example, those that have an existing relationship with the incumbent supplier need that relationship to remain constructive, especially since it will be ongoing once the contract is signed. This can prove particularly difficult when negotiating topics like pricing must be addressed.
Topics: Vendors & Contracts
