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Research Report

Negotiating from a Position of Strength: 5 Essential Tactics for Contract Negotiation Success

Download this comprehensive guide on how to perform efficient, effective and cost-saving negotiations so you can reinvest in what matters most to your
bank or credit union.

Whitepaper - Negotiating from a Position of Strength - Cover Image

What You'll Learn in this Report

  • Making vendor negotiations strategic not transactional.
  • Preparing thoroughly with data and clear objectives.
  • Securing precise terms on pricing service and risk.
  • Aiming for maximum savings protect risk and ensuring long-term value.

Report Stats At a Glance

51%

 

of financial institutions start contract renegotiations just 6 months to 1 year before vendor contract termination.

89%

 

of banks and credit unions collect bids from third-party vendors to determine fair pricing.

91%

 

of institutions allow contracts under $100K annual spend to auto-renew, but 0% do so for contracts over $500K.

Ready to See Real Results With Your Financial Institution?

Solutions from Cornerstone Advisors

Bold Solutions - Contracts

Contract Negotiations

Cornerstone offers unrivaled contract negotiation expertise in assessing complex contracts, identifying points of leverage and negotiating from a position of strength for you. Combined with Contract Vault™, our proprietary data engine with more than 15,000 pricing points, our team has the knowledge to secure the best possible terms and pricing for your organization.

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What's at Stake

$

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

$

is the amount a typical $5 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.