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Research Report 

Vendor Management: How Banks and Credit Unions Can Gain a Competitive Edge

Download this comprehensive guide and discover the 6 key steps you must take to implement an effective vendor management program at your financial institution.

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What You'll Learn in this Report

  • Reduce Expenses: Align vendors with strategic goals, consolidate agreements and optimize contracts.
  • Control Risk: Handle due diligence, audits, contingency planning and exit strategies.
  • Increase Agility: Identify scalable partnerships and explore new solutions.
  • Boost Efficiency: Standardize processes, integrate systems and automate workflows

Report Stats At a Glance

7

 

stages guide the vendor management lifecycle: needs analysis, due diligence, contracting, integration, renewal or termination, governance, and monitoring.

2.5 to 3 years

 

before contract term dates is the recommended best practice for starting major vendor contract negotiations.

Ready to See Real Results With Your Financial Institution?

Solutions from Cornerstone Advisors

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Vendor Management

Managing vendors can be one of the most challenging tasks for financial institutions. That’s why Cornerstone offers “white glove,” turnkey vendor management services where we do it all for you. Our Vendor Management offering delivers significant benefits, including decreased expenses, improved vendor performance and reduced risk. Additionally, we support these services through Vendor Vault™, our robust technology platform for managing the entire vendor lifecycle.

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What's at Stake

$

is the amount a typical $5 billion bank could save per year

$

is the amount a $1 billion credit union could save per year

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About Cornerstone Advisors

For over 20 years, Cornerstone Advisors has delivered gritty insights, bold strategies and data-driven solutions to build smarter banks, credit unions and fintechs. From technology system selection and implementation to contract negotiations, vendor management, performance improvement programs, strategic planning, merger integration and enterprise program management, Cornerstone combines its expertise with proprietary data and research to help financial institutions thrive in today’s challenging environment. For more information, visit www.crnrstone.com, connect with us on LinkedIn and Youtube, and subscribe to GonzoBanker® for our opinionated take on all things banking.