Are You Paying Too Much For Your Vendors?

With significant movement in the marketplace regarding new technology, you could be paying for unneeded costs. Some key questions you should be asking your vendors include:

  • Does your mobile banking solution require that your customer set up an Internet banking account?
  • Is your check capture system the same for your teller as it is for your customer?
  • Do you have more than one log-on requirement to access your systems?
  • Is your vendor charging you an interface fee to integrate debit card processing platforms with their core platforms, or any third party vendor for that matter?

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Is Your Institution Due for a Core Review?

Core banking contracts should be reviewed regularly. If you are wondering if your bank or credit union needs a review, we have six things you should be asking yourself:

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Things to Consider about Core Conversion

Not too long ago, institutions avoided core conversions at all costs, and only squeezed out a better deal with the incumbent vendor at the last minute. But for today’s businesses, taking the time to review and consider core conversions means they:

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Questions to Ask Your Tech Provider

If your financial institution is wondering about the price you’re paying for core processing, here are some questions you should be asking:

  • Does your contract have an automatic price increase every year?
  • Did you receive a notice of a questionable price increase?
  • Do you have regular face-to-face visits with your account or relationship manager?
  • Do you receive more price increase notices or sales brochures?
  • When the account or relationship manager visited you last, were they prepared?
  • Does your account manager have twenty or more other client relationships in addition to you?

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The Copper River Group

The Copper River Group is a financial consulting firm helping community banks and credit unions manage their vendor relationships, strategically negotiate contracts, and guide institutions through core and EFT conversions.

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The Copper River Group is a financial consulting firm that believes in the benefits technological advancement has for streamlining business.

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