April 21, 2022by Brian Hink
The Remedy Blog
Whitepaper on the results of 602 Previous Core Vendor Contract Negotiations
| by Karen Lowerr | 0
The Remedy Analytics team recently dissected over 600 previously negotiated contract renewals from three different categories:
- Contracts negotiated by a bank and credit union (DIY) without consultant assistance
- Contracts negotiated by flat-rate or by-the-hour consultants
- Contracts negotiated by contingent rate (percentage of fee) consultants
The surprising (or not so surprising) results can be found in a recently published white paper, available exclusively to Remedy clientele.
Feel free to reach out to us for a free copy of this ground-breaking study. Several hundred hours went into finding and studying the results of these previous core vendor negotiations. Our goal was to answer the question that every bank and credit union CFO asks themselves: “Why do I need a consultant, shouldn’t I be able to negotiate at least as good a deal from my vendor as a third-party expert?”
The white paper looks at a post-mortem review of these previous negotiations completed over the past 28 months from a variety of sources. The results of the study are then combined into a couple of fascinating use cases, which work to answer the following question: “In what circumstances is using a flat rate or contingent rate consultant cost justified?”
Most CFOs know that a lot of labor goes into a contract renewal, but in many circumstances, the there is also a significant return on investment for using a consultant to lower your core vendor rates. Read this white paper to find out when it is best to DIY vs. bring in a professional negotiator.
Reach out to Klowerr@remedyconsult.net for your copy of this educational white paper.
Posted in:
Contract Negotiations
Karen Lowerr
Manager, Marketing & Operations
Karen is the Manager of Marketing & Operations, specializing in marketing and event management.
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Trusted Advisor to Banks and Credit Unions
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!
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
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
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
