Negotiating Better Vendor Contracts With Mike Crofts from Maple Street Inc.

For financial institutions to evolve and improve member experiences, it’s important to introduce new technologies. However, it’s important to consider new technologies from a strategic perspective as well. 

Too often, FIs jump to implement the latest new feature. And organizations chase after new “shiny objects” hoping to meet the requirements of members. In the rush, FIs fail to negotiate contracts effectively and potentially cost their organizations millions of dollars during the course of a contract.

In this episode of the Digital Banking Podcast, host Josh DeTar sits down with Mike Crofts, President at vendor management consultant Maple Street, Inc., to uncover the secrets to negotiating favorable vendor contracts for your financial institution. Mike introduces key concepts in vendor negotiations, including establishing a clear understanding upfront and identifying ways to reduce costs when renewing contracts.