April 21, 2022by Brian Hink
The Remedy Blog
Should your Outside Directors understand financial technology?
| by Karen Lowerr | 0
Should your Outside Directors understand financial technology?
Our partner, Charlie Kelly, was asked by The American Association of Bank Directors to join their podcast, “Calling All Bank Directors” to explain Bank Technology to outside Directors. The association felt that outside bank directors were often less familiar with bank technology than they should be. The result is that directors do not always understand their due diligence responsibilities when it comes to negotiating for your future technology needs with a large vendor.
The podcasts start as a primer on bank technology for your outside directors and go on to provide some insights into vendor contract risk that every board member should be aware of. If you have a Board of Directors that is not familiar with bank or credit union technology, we recommend sharing these two short podcasts to educate them and provide some thought-provoking insights that could reduce expenses and risk.
Bank Technology, Part 1 | Calling All Bank Directors Episode 36 Bank Technology, Part 2 | Calling All Bank Directors Episode 37
Karen Lowerr
Manager, Marketing & Operations
Karen is the Manager of Marketing & Operations, specializing in marketing and event management.
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Remedy Consulting helps financial institutions (FI) thrive through best-in-class fintech consulting services specializing in System Selections, Contract Negotiations, Outsourcing/In-House Advisory, Bank Mergers & Acquisitions, and FI Strategic Planning. As a trusted advisor to banks and credit unions located in Wisconsin, the Remedy Team has executed over 700 system selection and vendor negotiations since 2016. Our clients receive a cost reduction on their core vendor contracts and increased efficiency with Remedy's Price Repository. To learn more about Remedy Consulting, contact us today!
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
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
