Ensure vendors align with your credit union’s needs
Following vendor procurement best practices, financial institutions should establish a bidding and proposal process to ensure the vendor and product contracted for aligns with the institution’s strategic goals and objectives. We recognize that this process can be challenging especially in navigating through the Request For Proposal (RFP) process.
The consultants at CU Advisors have extensive knowledge and decades of experience working in the credit union industry. CU Advisors provides RFP evaluations to help credit unions put in place efficient vendor relationships by ensuring products and services meet the business needs and expectations.
RFP evaluation services include:
Manage the RFP project cycle for Core Data Processing and Electronic Banking Services
Analyze vendor responses to functionality in comparison to other RFPs
Propose recommendations to address any contract or conversion gaps for vendor/product selected
Negotiate contract pricing terms and conditions
Negotiate third-party contract costs to remain competitive
We recognize that contract negotiation plays an important role in the vendor life cycle, which is why the consultants at CU Advisors have extensive knowledge and decades of experience working in the credit union industry. CU Advisors provides contract renewal and price reduction reviews to help credit unions save considerable costs and put in place efficient vendor relationships.
Contract renewal and price reduction services include:
A complimentary comprehensive review of contracts, addendum's, invoices, and any attachments as it relates to product or service costs
An analysis of market trends regarding pricing terms and conditions for new vendor relationships/products
An analysis of pricing terms and conditions compared to your institution’s strategic initiatives and current utilization for existing vendor relationships/products
Recommendations to write terms and conditions that benefit the credit union and the vendor