Whether you’re exploring a new core solution or are narrowing down your selection for a new core provider, there are critical conversations that need to happen with a potential vendor prior to moving forward. Asking the right questions upfront will help you understand the ins and outs of the new partnership and fill in any gaps in communication before finalizing the contract. More importantly, having these much-needed conversations will protect your bank in the long-term.
In our latest ebook, we share the 7 Components of Successful Core Vendor Management and offer key discussion points to include in your initial conversations with core vendors.
Preview some of the components of successful vendor management below. For the complete list, download our free ebook.
- Ask yourself if the vendor is the “right fit.” You need a core provider that isn’t offering an ordinary off-the-shelf solution and instead offers one that adapts to your bank’s needs and sets your business up for growth.
- Review the contract terms. With core contracts, you want to ensure your bank is always protected. When deciding on a new provider, ask the critical questions regarding the contract before signing on the dotted line. For example, what are the terms of an addendum? What is the cost for adding a bank to your core system? What are the details of a deconversion agreement?
- Ask for client references. Like with any big purchase, you want to know if the vendor and product have good reviews. Similarly, with a new core vendor, you want to ensure their current client base is satisfied with their solutions and level of service. Ask to be connected to references and do research using testimonials or case studies.
- Meet the right team. Ask your sales representative to meet the key players in the team. Oftentimes, only the sales representative will be your contact prior to signing the contract. You want to know everyone involved in the implementations process, from leadership to the support managers. Read the blog post on why meeting the right team matters.
Avoid feeling “stuck” with your core partner. Have the important discussions early in the selection process and secure a strategic and profitable core partnership.