When it comes time to negotiate your contract with your major technology vendors, do you feel like the vendors hold all the cards? How much would you be able to improve your bank’s profitability if you knew the core vendor’s tactics and what goes on behind the scenes at the vendor?
Technology spend is a large expense, generally a bank’s second highest non-interest expense behind personnel. The decisions you make during the negotiation can drive profitability for the next 5-7 years at your financial institution.
While managing Pricing and Contracts for one of the Big 3 core vendors for many years, Mr. Kelly and his team negotiated thousands of deals. Over time, patterns emerged that apply to any vendor negotiation. These experiences will give the audience a leg up in their next negotiation.
Listen to some real-life examples that will help you improve your bank’s financials and get to a win-win for you and the vendor.
What You Will Learn
· Philosophical differences: how strategic financial decisions are made at the vendor vs your FI
· Vendor complexity and why it is important to your negotiation
· Competitive pricing and how it affects you
· Optimal number of negotiation rounds
· How and when to shop for a negotiation consultant.
· Items to consider when changing providers
· Best opportunities to maximize your vendor contracts
· Negotiation best practices
· Why being proactive and organized pays