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Beginning the renewal process at the “right” time can be one of the most important decisions of the overall process. Most vendors will allow an early renewal, within reason, but I am quite certain a lot of banks are not aware of that timeframe and do not fully understand the value of renewing early. What is the appropriate timeframe? Keep reading.
Bankers provide digital tools to their customers, but many community bank CEO’s and even most “Digital Experts” from large financial technology organizations struggle to answer two questions related to their digital users:
For most credit unions or community banks, strategic planning is a once-a-year process. This boardroom meeting would typically include a few staff members (CEO, CFO and COO) and full board of directors with a third-party consultant moderator presenting a lot of financial figures and talking about growth in 1, 3 and 5 years increments. Recently, I facilitated a strategic planning session for a credit union board of directors. In this blog, I will share my lessons learned and some quick ways to level up and grow the business.
In a previous life working at one of the largest core vendors, I had the opportunity to evaluate the decisions of over 100 credit union clients’ who migrated their core software from being hosted in-house (I/H) to being hosted in an outsourced (O/S) environment at their vendor.
Every bank CFO I have ever met would like to pay as little as possible for the most value. Each executive would like to pay their vendors, employees, landlord, the janitor, and even consultants as little as possible if they thought they were getting a good deal. Most of them are proud of their ability to reduce expenses.
Tis the season for giving. Prior to the holidays in November, the Remedy Team reached out to the banks or credit unions that we partnered with in 2020 to select a local non-profit organization to receive funds from the Remedy Give Back program. Remedy received a long list of local…
Whether you are looking to hire your next CEO, EVP of Commercial Lending, or your next Residential Loan Officer, separating high performing salespeople from mediocre performers can make all of the difference. Let’s walk through a scenario: You have an opening for a commercial loan officer. You have posted the position on a couple recruiting…
As your Core contract approaches its expiration date, there are many things to consider in the negotiation with the provider. However, did you ever think the time of the year could impact the negotiation? We are approaching end of calendar year and fiscal year for most. Wrapping up the end…
Core Vendor Contract Renewal – Don’t Delay…Timing is Crucial.
We wanted to ensure our pricing and contract terms were in line with those of other financial institutions. Remedy had the tools and knowledge to help us out. The process, from beginning to end, lasted about 4 months. Remedy took care of all the negotiations and simply kept us apprised of where the negotiations were at and how they were going.
Ben Hansen, CEO
RSNB Bank, Rock Springs, WY
Our organization was engaged in a negotiation with our core provider for a contract renewal. Although we were already well into the process, I made the decision to hire Remedy because I felt the negotiations were taking too long and consuming too much of my management team's time.
Josh Hoppes, CEO
Mutual Savings Association, Leavenworth, KS
After completing one renewal on your own, it was evident that market pricing information was necessary for an effective negotiation. Remedy was able to provide that plus other contract information that made for a positive renewal. Remedy was able to achieve more than our expectations, including significantly lower rates.
Amy Johnson, COO
Dairy State Bank, Rice Lake, WI
Remedy Consulting was able to achieve much more than our expectations during our core contract negotiation including significantly lower rates and contract language that much more favorable to the bank. We were extremely impressed with the project management and professionalism shown by the Remedy Team. Highly recommended.
Walker Jordan, President
Bank of Monticello
Cornerstone Bank thanks Remedy Consulting as a strategic partner in core contract negotiation. Brian, Project Manager, streamlined the process of our core vendor renewal and advised us as to the new technologies that we could continue/implement and still receive a cost reduction on our five-year contract. We are happy to highly recommend Brian and the Remedy Team.
John Doull, President
Cornerstone Bank, Overland Park, KS
