Search
 
Commentary

Credit Unions can Maximize Cost Savings by Re-Negotiating Vendor Contracts

It's no longer affordable or feasible for credit unions to not seek out current market pricing upon renewal of all contracts.

By Sabeh Samaha | Updated on April 14, 2011

Credit unions, in increasing numbers, are closing branches, laying off employees and freezing scheduled projects. Unlike the banking industry, credit unions are trying hard to maintain respective employee rosters by moving positions around and placing a hiring freeze. Despite best intentions, however, these traditional approaches are not working as the economy continues to regroup. A new approach is needed.

It’s no longer affordable or feasible for credit unions not to seek out current market pricing upon renewal of all contracts. On the technology front this is often a muddied practice. When effectively executed, an experienced outside expert can save a credit union hundreds of thousands, possibly millions, of dollars over a period of one to five years.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.