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Core Negotiation

  • 1.  Core Negotiation

    Posted Jul 25, 2019 01:32 PM

    Hello,

     

    I had the opportunity to meet with several credit union colleagues yesterday and part of the discussion related to using firms who specialize in negotiating contracts. Starting next year, we are planning to conduct a core system RFP and are considering using one of these types of firms to help us. We have some past experience and feel the vendor's industry knowledge and expertise did provide a benefit, while freeing up our own resources. At this time we have identified two companies that we may approach, Maple Street and Cornerstone Advisors. I was hoping to get additional leads. If you have successfully used third parties to negotiate major system contracts and would be willing to pass along the names, I'd appreciate it. Thank you.

     

    Respectfully,

     

    Brett Noll
    Chief Executive Officer
    O: 410.281.6232 | F: 410.281.6207
    www.securityplusfcu.org

    Securityplus
    FEDERAL CREDIT UNION

     


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  • 2.  RE: Core Negotiation

    Posted Jul 26, 2019 06:41 AM
    Edited by Rebecca Ewer Jul 26, 2019 06:41 AM
    Brett,

    We worked with Next Step (http://www.nextstepinc.com/) to conduct our core search in 2012. They were very involved and helped make the process much smoother. I did not deal with them directly in terms of the actual search, but they were with our teams every step of the way through the process of converting.

    Best of luck in your search!

    Sincerely,

    ------------------------------
    Rebecca Ewer
    Integrated Content Manager
    First Commonwealth FCU
    Lehigh Valley PA
    610.821.2400
    ------------------------------



  • 3.  RE: Core Negotiation

    Posted Jul 26, 2019 06:47 AM

    Bret

    We've had great results using both SRM and CU Engage as third party consultants.  The companies you mention have good reputations and there are others out there as well.  Important to recognize that we have day jobs and are not typically expert in navigating events that occur so infrequently.  A well-versed consultant should always be able to save a CU money in excess of their fee, usually by an order of magnitude.  It puzzles me that some CUs don't use the expertise available to them.  Take care to choose your consultant but you've already made the best decision – to use one.

    Best regards

    Bill    

     

     

    image001.png@01D4F9C0.9C71D590

    William J. Burke

    President/CEO

    P: (937) 643-2081  |  F: (937) 643-3881
    E: wburke@dayair.org
    3501 Wilmington Pike Kettering, Ohio 45429

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