When financial institutions partner with outside parties to provide mission-critical services, they are making long-term commitments. Because many of these services directly touch members, it makes choosing the right vendor for your credit union a high stakes decision. This podcast if the first of a two-part series on best practices in vendor contract negotiations and focuses on why vendors have three key advantages in negotiations that too many organizations underestimate.
Continue the discussion by listening to Part 2 here
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Strategic Resource Management (SRM) is the NAFCU Services Preferred Partner for vendor cost benchmarking and contract negotiation services. More educational resources and contact information are available at www.nafcu.org/SRM/