Whether with customers, employees, vendors or the community at large, for this Illinois bank serving these positive connections factors into every conversation and decision.
After learning through a former colleague, the bank's senior vice president of operations decided to contact JMFA's Kelly Flynn to explore vendor contract negotiations services to reduce their expenses.
As she approached the subject of re-negotiating the bank’s Internet banking contract, the Senior Vice President of Operations emphasized the need to maintain a positive relationship with the vendor, in addition to securing the very best deal for their contract. “The JMFA name is well-known, highly regarded, and has influence with vendors,” the Senior Vice President of Operations said.
“We wanted to stay with our current vendor,” she said. “And we wanted to remain in contact with our sales rep to negotiate in a respectful, professional way. We didn’t want it to become adversarial; we wanted to maintain a good relationship with the vendor.”
With that in mind, Flynn and her team went to work analyzing the contract. Post-negotiations, the bank came away with mobile banking and smart watch banking bundled as a single, lower priced line item, an overall savings of 14% from the previous contract, and a healthy partnership with its current vendor.
The savings achieved on this large contract offered the bank the financial ability to comfortably provide the top-of-the-line Internet banking product to its customers.
Building a Relationship
Given these results, as well as the ease of working with JMFA, the bank continued to call on Flynn whenever they had an important contract to initiate or renew. For example, when it needed to purchase several ATMs for an equipment refresh at their many locations, the bank consulted with JMFA to ensure they got the best package pricing for the large investment.
When JMFA assisted the bank's Vice President of Deposit Account Services with a card processing review, the conversation centered on finding a win-win situation that satisfied both the bank and its vendor without causing any ill will.
“We really didn’t anticipate changing vendors,” the Vice President of Deposit Account Services said, “although JMFA did outline the RFP process if we decided we wanted to explore other options.” Futhermore, the industry knowledge JMFA possessed proved helpful when it came time to push for concessions. “I didn’t always know when to ask for more, and JMFA provided suggestions on line items.”
Along with securing a larger-than-expected signing bonus, JMFA also provided the Vice President of Deposit Account Services the information the bank needed to achieve an additional 5.5% savings on top of what the bank had already negotiated with the vendor, which, in total, amounted to a six-figure sum over the life of the 7-year contract.
More Than Saving Money
Throughout its dealings with JMFA, the bank has not only seen significant savings, it has also gained a priceless benefit: a trusted, reliable partner in business.
“It’s helpful having that expertise to rely on,” the Senior Vice President of Operations stated, “because you don’t always know what you don’t know. When we work with JMFA, we have peace of mind that we’ve negotiated effectively for the bank. Furthermore, our Board of Directors has confidence in our team’s ability to succeed — getting the best deal while maintaining productive relationships with valued service providers.”
She further stated, “Kelly and the team at JMFA have been extremely responsive. The most awesome thing about working with JMFA is that occasionally we’ve requested contract assistance, and they have come back and said, “You did a great job, we can’t help you further.” That, she replied, adds integrity to the relationship.
The bank in Illinois offered their enthusiastic recommendation for JMFA Contract Optimizer services: “Our expectations have been exceeded. We’re never, ever disappointed!”
A True Alliance
At the end of the day, it comes down to strong, long-term relationships all around. By delivering on the bank's wishes, Flynn and her team repeatedly helped secure substantial savings while still maintaining positive relationships with all of the bank’s vendors during the process. That, in turn, has led to a mutually beneficial relationship between JMFA and the bank for nearly a decade.