Services and Approach / Contract Negotiations

Contract Negotiation Services For Banks & Credit Unions

Reduce technology spending so you can reinvest in what matters most.

Where does your institution stack up against the competition?

Positioning banks and credit unions for a winning outcome at the negotiation table is what matters most. Unfortunately, financial institutions are spending too much money and subjecting themselves to unfavorable technology contract terms by entering negotiations with little to no knowledge of market pricing, letting too many contracts auto-renew, and failing to prioritize contracts that need the most attention.

CA - Contracts - Flip Cards - Bar Chart - Figure 1-04

How far in advance of the termination date does your Financial Institution typically begin negotiations?

Well-Timed Negotiations

The right timing can help an institution maximize its leverage and execute a fair-priced contract with superior business terms and conditions.

Experience tells us that most banks and credit unions enter into contract negotiations far too late in the game to put any real fear into the hearts of the vendors.

CA - Contracts - Flip Cards - Pie Chart - Figure 2

How often does your Financial Institution negotiate in reactionary mode?

Leverage

Getting a late start on any contract negotiation signifies to the vendor that the FI-in-question has no ability nor intent to revisit pricing and terms.

Negotiation leverage can be almost nil when operating in what we call, 'emergency reaction mode.' This scenario is defined as beginning a negotiation with an auto-renewal or contract term expiration looming in less than 30 days.

CA - Contracts - Flip Cards - Pie Chart - Figure 3-08

In a typical year, how many vendor contracts does your Financial Institution allow to auto-renew?

Auto-Renewals

An institution that allows its contracts to auto-renew at pricing and terms that were written by the vendor is forfeiting valuable cost-saving opportunities. In fact, many auto-renewals include an automatic price increase.

Market pricing for financial technology changes constantly, and trends downward for core processing, digital delivery, payments, and card processing systems.

Banking Contracts We Negotiate

Core Banking Systems
Online & Mobile Banking
Loan Origination
Item Processing
Debit & Credit
Card Branding
ATM Maintenance/Cash Delivery
Telecom
And more

Who We Negotiate Contracts With

Fiserv Premier
Fiserv DNA
Fiserv Signature
Fiserv Cleartouch
Fiserv FirstData
FIS IBS
FIS Horizon
FIS Bankway
Jack Henry Silverlake
Jack Henry 2020

Jack Henry Symitar
Visa
Mastercard
PSCU
NCR
Q2
Alkami
Kony
And more

How We Negotiate Contracts

Employ the highest ethical standards
Pursue an improved vendor relationship
Act as an extension of your team
Negotiate with you, not for you
Work toward a market-based aggressive negotiation
Emphasize best-in-class legal terms

We couldn't have arrived here without Cornerstone Advisors. We're very happy with the work and we definitely got a much better result than we could have on our own. The knowledge and experience in the payments area was very valuable and made this project very smooth.

Ken Long

SVP, CIO SESLOC Federal Credit Union

I cannot believe the results we achieved in such a short time-frame, and we didn’t need to use a scorched-earth approach to negotiate.

CEO

$15B regional institution operating in the western half of the U.S.

Over the last several years we have achieved material short and long-term savings partnering with Cornerstone Advisors. They take on the heavy lifting and boil decision-making down to a simple choice.

EVP

$35B Regional Institution

We've had great experiences with Cornerstone Advisors. Their professional, knowledgeable, and responsive team has given us the tools to enhance vendor and expense management and to execute strategic initiatives more smoothly. We've learned from each engagement and appreciate the unbiased expertise and industry knowledge that Cornerstone brings to the table!

SVP

$700M Credit Union in the Southwest

I'm generally skeptical of hiring consultants, but decided to give Cornerstone a try to help negotiate a renewal to our core processing contract. Their familiarity with competitive industry pricing and contract language brought sunlight and leverage into what would have been a weak negotiating position. And it paid wonderful dividends!

Chris Zetteck

CEO of Marine Bank

Light Reads: Negotiating Contracts

White Papers
Articles
GonzoBanker

Education: Contract Negotiation

Payment Schools
Roundtables
Webinars

Why Cornerstone for negotiating a contract?

Value Prop
Results
State associations

Cornerstone schedules a 30-minute call

Together we examine your current situation and future vision

Cornerstone evaluates your unique situation and generates a proposal

Terms are acceptable and you agree to work with Cornerstone

Our Commitment to You On Third-Party Contract Negotiation

Working alongside bank and credit union executives for almost twenty years, we have learned that not all contracts are created equal.

Negotiate optimal pricing in every contract
Align business needs with product offerings and eliminate overspending
Perform the heavy lifting (due diligence)
Outcomes match expectations

Contact an Advisor

Negotiating Core Banking System Contracts

Our experts evaluate core banking system vendor contracts every day and deliver market price agreements for our clients.

We tackle RFPs and renewals, negotiating with Fiserv, FIS, Jack Henry, Finastra and more.

Tackling Ancillary Technology Negotiations

Maximize Contract Savings Through Merger Negotiations

We drive results that are accretive and at market to deliver value for our clients.

Our merger team is able to quickly assess vendor product gaps, liquidated damages, and develop your go forward vendor list.

Delivering Lowest Pricing and Highest Card Incentives

Contract Opportunity Assessment

We will provide specific recommendations that will detail the vendors and services with the greatest leverage and opportunity for renegotiation.

Vendor Management

An all-in-one solution to help manage vendor risk, vendor performance, and vendor cost.

Payments & Card Revenue Optimization

Take control of your payments business to ensure increased revenue, reduced expenses and minimized risk exposure while improving customer loyalty.

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