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Factors to Consider When Switching Vendor Partners

Due Diligence is a highly regarded practice in the financial industry. Careful consideration to asses all aspects of the benefits, risks and opportunities of a new service or product will help result in a favorable outcome. In this article you will learn what important factors a credit union should consider when switching service partners. Many vendors will knock on your door and make promises they can’t keep. It’s important to know how to steer clear of the fake and steer towards the right partner that will add value to your credit union and members.

 

Vetting the Partner

You want to make sure that when you are making a decision as big as switching service providers or investing in a new product, to consider the company’s financial stability and its growth patterns. There should be parallels within your organization’s growth and strategy to coordinate a game plan aimed for the future. That’s just the start.

  • What does this partner’s roadmap look like?
  • What references can they provide?
  • How many other customers do they support in your area?
  • Do they have the infrastructure and resources to support your credit union’s needs?

 

New Technology

New technology is exciting! However implementation is when the real work starts. This part often includes complex tasks for you and your credit union employees. Here are just a few things to consider:

  • Will there be training for the branch employees?
  • How will the training be implemented and how will it affect current workflows?
  • Is the service provider an authorized dealer with the ability to resolve any hardware and software issues that may arise?
  • Will they be assisting in annual audit information for EPP and NCUA?
  • What are their response times and how quickly will they respond to your service requests?

 

Network

Establishing a Network Certification checklist is an equally important part of a conversion process. The process is detailed and you’ll have to consider how the network functions with certain features your business requires, starting with your member’s preferences. 

  • What features will be supported and what will not?
  • What marketing functionalities are available through the network and do they meet your needs?
  • Will your network support customized member screens?

 

A Team Decision

Input from the team, across all levels, is an important part of your decision making process. Including your team will foster buy in which will result in working together and further fueling motivation and high performance towards your end goal. Failure to include critical team members from the process may lead to ineffective implementations that will delay your projects and make team members feel trapped with little support for problem solving.

 

Tags: Services, ATM Service, Professional Services, ATM Services