Every day there seems to be a new tech solution that would be the perfect addition to the robust arsenal that is providing banking services to credit union members. On top of that, credit union lenders are also competing with outside giants like Rocket Mortgage – and struggling to keep up. Although finding the right vendor can be an arduous task, it is necessary for credit unions that want to stay competitive. Between the research, vetting and figuring out the logistics of partnering with the vendor, the process is time consuming and often costly. This creates a challenge for financial institutions that want to add new offerings of innovative products or services while also remaining profitable.
Vetting the Vendors
With every new solution a credit union is looking to add or replace, the process starts with the task of researching and vetting the vendor. While this may seem like a simple task, there is no such thing as an Angie's List or Yelp for vendors. Credit unions are left to Google and hearsay from others in the industry. Between the searching, vetting and interviewing process, selecting a vendor takes time away from the decision makers who should be spending their time focusing on the credit union's members and operations.
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