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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.

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