Making the right vendor choices, with member experience top of mind
With its credit and debit (including ATM driving) processing vendor contracts expiring soon, this credit union initiated steps to establish new contracts. While the institution was satisfied with its current debit provider, it wanted to improve and enhance credit processing services in line with growth since signing the previous contract—for example, adding premium credit offerings and increasing responsiveness to members.
The credit union wanted to consider all possible options, including renewing contracts with current providers, switching intermediary vendors, and working directly with a processor. In addition, it wanted to assess the benefits of maintaining separate contracts versus the potential synergies of establishing a combined credit and debit relationship.
While efficiency and cost were important factors, the credit union ultimately wanted to make sure its choice(s) supported its goal to provide a quality member experience.Experience and a proven approach
The credit union developed a list of potential vendors. Then, for assistance with leading a comprehensive evaluation and selection process, the institution turned to West Monroe Partners, which offered deep credit/debit operations experience along with a well-honed approach and strong track record for running effective vendor proposal and selection processes for financial institutions.Guidance from start to selection
West Monroe Partners provided tools, templates, and leadership to support the process from initial vendor review through recommendations. This included:
From this work, West Monroe Partners recommended renewing the existing debit contract for five years and selecting a new intermediary credit provider. Collectively, these recommendations are projected to reduce costs by $17.5 million over the life of the contracts through pricing adjustments and signing incentives. In addition, the proposed intermediary credit provider’s services will: