To earn the distinction of "Preferred Partner," providers undergo an extensive qualification process.
First, a product need is established (from surveys, focus groups, NAFCU input, pilot programs, industry needs, provider inquiries, etc.). Many factors are considered before NAFCU Services makes a product or services recommendation to the credit union industry.
- Is there a need in the credit union market for the proposed product or service?
- Does the provider add value specifically to NAFCU member credit unions through its product offering?
- Does the provider offer the product/service nationally?
- Does the culture of the provider support the credit union movement?
If the product/service passes the test, it is added to a product matrix. Highest priority targets are determined through the NAFCU Services Products & Services Advisory Committee and added to a short list.
Next, the organization targets a minimum of three Requests for Proposals (RFPs) for each offering. Criteria specific to the credit union industry are included in the RFP.
NAFCU Services conducts an extensive evaluation of each provider before providing a recommendation to the committee. The final recommendation is made at the NAFCU Services Board meeting (approximately four times a year), and the Board votes by motion to allow use of the NAFCU name and the distinction "Preferred Partner." Once a partner is chosen, it becomes the exclusive market offering in the program.