IBAT Tech Mecca Conference: Tuesday, February 4th, 8:30 am Breakout Session - Pecos Room
Only once every 5-7 years does the opportunity arise to negotiate and renew the multi-million dollar relationship(s) you have with Core & IT Vendors (Fiserv, Fidelity, Jack Henry, OSI, CSI, Intuit, etc.) and you cannot afford to make a mistake.
Non-Interest Expense (NIE) for services such as Account & Item Processing, Internet Banking, Bill Payment and EFT/ATM are higher than ever before because there are fewer competitors in a post-consolidation [vendor] world.
The facts are that these multi-billion dollar organizations have large teams of contract writers and legal departments ensuring that the agreements you are about to sign are more “vendor-leaning than bank leaning.” Naturally, the deck is stacked against your bank and today any financial mistake or overlooked contract term can be a major problem for your franchise and shareholders down the road.
As former Core & IT vendor executives now providing research for bankers, in this session Paladin will outline at least 10 tactical and strategic considerations you should take to the negotiating table when it comes time to start or renew services with any vendor. Outlining practical examples of real-life negotiations and outcomes provides a backdrop for creative ideas resulting in getting the best price and greatest value for the NIE. Ways to put more ‘teeth’ into Service Level Agreements and protect shareholders will be discussed.
This is not a discussion about vendor due diligence, contract management, compliance or how to conduct a negotiation or RFP process. This session provides methods and insights geared at generating specific decision intelligence for senior executives responsible for managing these costs and services.
