Build relationships your way

As a service provider, we here at CU NextGen are sometimes baffled – even dumbfounded – when our credit union clients tell us what they expect when they work with vendors – not that they expect too much, but rather too little. Vendors who fall short in accommodating their clients’ individual needs effectually train credit unions to instead accommodate their vendors, as well as those vendors’ limitations. Naturally, it should be the other way around.

This shines a light on the nature of vendor relationships in the credit union industry as well as the importance of understanding how to better build relationships that work for your credit union. Entering into and developing a vendor partnership should be about serving your needs, helping you reach your goals and making you feel at ease and informed every step of the way. This is building relationships your way. Here is how to do it.

Know before you go.

Insist on being fully informed from the get-go, and especially before any contracts are signed. This means coming together for preliminary workshops and discovery sessions so that you have ample opportunity to map out your needs and gain buy-in for the best process possible to meet those needs. Ask lots of questions along the way, too.

Having all terms provided in writing up front is essential, as is reading every word. In these details, you may learn of conditions or requirements that your credit union simply cannot tolerate. For example, you may discover a vendor charges hidden costs, such as per-user fees. Reviewing these details in advance of entering a contract is your one best opportunity to resolve issues and reach an agreement that works for you.

Remember that your needs come first.

You seek out your vendors because your credit union has a need that cannot be addressed internally or that could be better met by outside expertise. For this vendor relationship to work for you, your service provider should be able to meet your needs better than you can on your own and provide assistance in ways that ultimately make your job easier – not harder.

This means choosing a vendor that allows you to dream big, just as you want your members to dream big. Just as you work creatively to solve your members’ challenges and help them realize those big dreams, so, too, should your vendors do that for your credit union. In order to help you reach your biggest strategic goals, you need to demand that your service providers meet you where those goals are, rather than relegating you to an out-of-the-box solution that simply doesn’t get you where you want to go.

Another of your needs that comes first is your timeline. Assuming, of course, that it allows for real processes and work to be completed, your timeline should drive the development of your project and your relationship with your vendor because your timeline is really a reflection of your members’ needs.

Get all the right players involved.

Bringing your credit union’s leadership together with your vendor’s team may seem like a good idea, since it’s the leadership that drives strategy. However, it is also important to involve all key players in the process. That includes engaging your team members who will actually use the systems, not just your credit union’s decision makers. These team members can identify unspoken needs and will have valuable insight into whether the proposed solutions will actually ease their work rather than complicate it. Involving a broad base of representatives from your staff can also improve solution buy-in at the time of training and launch.

On the back end, as well, you need a vendor whose solution will allow access to everyone in the organization who needs it – preferably without seat fees.

On the vendor side, you should be able to insist on a dedicated project manager and implementation specialist. These experts can make the entire process easier. Your dedicated project manager can serve as a single point of contact and liaise on your behalf to get you the resources or additional expertise you need when you need it. An implementation specialist ensures that your solution is workable both in terms of the solution’s functionality and in how easy it is to employ.

Lastly, when choosing a fintech vendor, look for one with a relatable staff that seeks to make tech easy for you to understand. Good vendors know that only they are the experts on their solutions – and are happy to guide you to a clear understanding of what their solutions do for you. Likewise, good vendors understand that facilitating your own expertise is what really matters.

In the end, what you are really looking for in a vendor relationship is a vendor who values relationships just as much as you do. For more information about CU NextGen and building relationships your way, visit cunextgen.com or call 1-800-311-3928.