MIAMI BEACH, Fla.—“When Should Credit Unions Say ‘I Do’ To Vendors?”
That question is examined in a new white paper published by Samaha & Associates that seeks to help credit unions better navigate vendor relationships and contract negotiations.
“It’s no secret that credit union executives are continually courted by vendors,” noted the white paper’s author, Sabeh Samaha, CEO of the firm that has consulted on more than 450 technology projects. “Unlike grooms and brides to be, however, executives cannot place the wants and needs of their members and employees on a ‘good faith’ proposal.”
The white paper includes perspectives on vendor experiences as shared by the $900-million Bay FCU in Capitola, Calif., and the $782-million Credit Union of America in Wichita.
“Contracts are not our forte,” said Credit Union of America’s Chief Information Officer Richard Logan. “We have attorneys involved in the contracts, but even they do not specialize in core/technology related projects. So, they may not know what language needs to be in the contract.”
Whether a core conversion, online banking or credit card conversion, Samaha said the purpose of the white paper is to determine when a credit union should say “yes” to the vendor “dress.”
“Consultants have the advantage of obtaining experience by working with many different clients,” said Bay Federal Credit Union’s President and CEO Carrie Birkhofer. “They often bring a perspective that is important to a team that has worked in one place for many years. In addition, they can save money by understanding negotiating opportunities.”
For more info: www.ssamaha.com