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.
How far in advance of the termination date does your Financial Institution typically begin 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.
How often does your Financial Institution negotiate in reactionary mode?
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.
In a typical year, how many vendor contracts does your Financial Institution allow to auto-renew?
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
- 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
- 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.
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.
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.
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!
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!
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
Welcome to the sleepy world of core banking systems. Nothing to see here folks just keep on walking.
With the banking industry's aging ATM infrastructure and desire to woo digital customers, interactive teller machines (ITMs) stand to be an important component of a financial institution's competitive strategy. But are they worth the investment?
The Benefits: Hiring Cornerstone for Contract Negotiation
- Near term hard-dollar savings and revenue enhancement opportunities
- Assurance of the best market price every time
- Protection that no fine print slips through the cracks
- Integration with your technology road map to ensure institutional alignment
- Disciplined earnings-driven approach to track financial impact
The Difference: Using Cornerstone for Negotiating Contracts
- Contract VaultTM proprietary information on thousands of industry price points
- Executive level negotiators with years of banking and industry experience
- Expertise negotiating contracts for core, item processing, online/mobile banking, card processing, branding, telecom, ATM/ITM, trust, HRIS
- Reputation and access to vendor executives at Visa, Mastercard, Fiserv, FIS, JHA, Vantiv, PSCU, NYCE, and Q2 to name just a few
Our Contract Negotiation Results
- Over 80% of our clients have used us for multiple negotiations after going through our process
- We protect your relationship with your vendor
Ready to speak with One of Cornerstone's Contract Negotiation Advisors?
Managing a technology vendor contract negotiation is not your day job. Allow Cornerstone to tackle time-consuming tasks required throughout a contract negotiation so you can focus your efforts on what matters most: serving your customers and members.
Contact an Advisor