Vendor relationships can be an amazing benefit for your credit union; they can help improve member experience, be a pillar of your internal infrastructure or aid in the development of new offerings or solutions. In the absence of a crystal ball, vendors also pile up as you cobble together a set of solutions that you hope will be the right fit for your institution for an extended period. Over time, your credit may find itself with more vendors than needed.
As contracts come up for renewal, take a moment to consider each vender and determine if they’re still providing a needed service to your credit union.
Conducting a vendor audit
Conducting a regular audit on your credit union’s vendors to ensure each is being used to its full potential and that each is still worth the cost can help your credit union to save money and reduce redundancies.
When reviewing your credit union’s vendors, ask yourself the following:
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