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Vendor Performance Management

 

Your Competitive Advantage

Control Costs. Increase Efficiency. Drive Service Excellence. Mitigate Risk

 

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Your Vendor’s Performance Is Your Performance

 

Every bank or credit union knows that any misstep on the vendor’s part, such as downtime, directly impacts the customer or member experience and the reputation of the financial institution, not the vendor. If your client’s debit card transaction is denied, the client blames you, not the vendor. If the bill payment system isn’t working, customers have no idea who created the software, nor do they care. It’s your customer experience on the line…your reputation, not the vendor’s.

When vendor performance suffers, your competitiveness and reputation suffer.

With banks and credit unions facing intense competition from larger rivals and non-traditional banks, getting vendor management right—which means moving beyond merely the compliance function—is crucial.

Why? Because vendor management can be leveraged and turned into a powerful competitive advantage and is an incredibly smart way to grow your financial institution.

It’s Time to Think Differently About What to Demand From Your Vendors

 

Many financial institutions are hemorrhaging money and missed opportunities due to incomplete and inefficient approaches to vendor management.

 

But with our Vendor Performance Management, you can control your vendors’ performance. This array of interrelated services will help your bank or credit union:

 

  • Save you millions of dollars
  • Improve vendor performance
  • Manage risk
  • Increase efficiency
  • Ensure you pass your exam with flying colors

 

Through years of experience selecting, negotiating, contracting with, and managing vendors, we have the expertise to help you go beyond compliance and start actively managing vendor performance so your organization can reach its strategic goals and gain a competitive advantage in today’s volatile market.

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Vendor Performance Management

 

Choose the Right Vendor - Our process helps you select vendors that deliver the results you want and moves beyond a singular focus on features and functions.

Contract Well - With Vendor Performance Management, performance and price are defined in a way that ensures you get a fair contract, with the right results, at the right price.

Measure & Monitor - Our system effectively and consistently measures results and monitors vendors’ performance to verify that you get the results you want and pass your exam.

Strategic Plan Alignment - Evaluating your vendor choices and vendor performance with your strategic goals positively affects your ability to execute your strategic and operational plans.

Vendor Planning - Planning what price you want to pay and what performance you want from your vendors, and planning how to align contracts and use time and competitive pressure to maximize your negotiation power, is the smart way to drive vendor performance.

Experience and Results You Can Trust

$6,069,086,184

Total negotiated contract deal value (since 2019)

$17.93M

In savings achieved for financial institution with $4.5B in assets

$15.67M

In savings achieved for financial institution with $929M in assets

$4.23M

In savings achieved for financial institution with $1.57B in assets

$17.93M

In savings achieved for financial institution with $4.5B in assets

$15.67M

In savings achieved for financial institution with $929M in assets

$4.23M

In savings achieved for a financial institution with $1.57B in assets

$6,069,086,184

Total negotiated contract deal value (since 2019)

I'm generally skeptical of hiring consultants but decided to give Cornerstone a try to help negotiate a renewal of 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 / Marine Bank
Community banks negotiate and renew our critical vendor contracts with multi-year commitments. Limited information on industry trends and conditions often leaves us negotiating against ourselves. Cornerstone provides both industry knowledge and current market conditions which result in significant immediate and direct benefits to our institutions. Their ethical approach with full transparency results in the ultimate win/win for our institutions.
Gordon Zimmerman
President & CEO / Citizens Bank
We recently tasked Cornerstone Advisors with a very tight turn on contract negotiation. They were all hands on deck and were extremely timely in their research, presentation preparation, and delivery request to our vendor. They did the heavy lifting for us and we came along for support. We are so pleased with the outcome of this negotiation. I would highly recommend Cornerstone Advisors
Jennifer Evans Thompson
SVP/Director of Mortgage Lending / Peoples Bank of Washington
We contacted Cornerstone Advisors following a merger of equals (MoE) announcement. It was critical to go through an expedited core selection and find synergies that aligned with the MoE related to our top vendors. Cornerstone was immediately available and delivered the results we were looking to achieve
Renee Brooks
COO / South State Bank
The Cornerstone Advisors team is both knowledgeable and professional. They helped us save several million dollars on a key long-term vendor contract and provided sound advice through our benchmarking initiative.
Mark Hardwick
Executive Vice President, COO & CFO / First Merchants Corporation

Elevate Vendor Management to Accelerate Your Strategic Goals

Vendor partnerships are absolutely vital for financial institutions today. We will help you maximize every relationship through Cornerstone’s Vendor Performance Program. For more information, complete the form and one of our vendor management experts will be in touch.