Optimize your vendor and partner relationships
Five signs that you’re missing strategic opportunities, plus questions to guide your new approach
Vendor and partner relationships are essential to credit unions. Taking a strategic approach to these important relationships can better position the organization for future moves, boost performance, save resources and maybe even lessen the total number of relationships required.
Optimizing these relationships helps add value for your members and employees, yet the complexity and sheer volume of relationships can be overwhelming. As the industry continues to evolve, institutions will have to rely even more on third parties, which means this challenge is growing. Taking action, sooner rather than later, will help.
Most credit unions have the objective to leverage vendor and partner relationships to their fullest advantage for the benefit of the membership, employees and other key stakeholders. Many have systems in place for contract management, due diligence and managing/monitoring third-party risk. While those foundational functions are critical, there is far more opportunity to leverage relationships for higher performance and efficiency.
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