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Ongoing regulatory expectations and competition from Internet banks and unconventional financial services providers may be affecting your financial institutionu2019s ability to reach or exceed its performance goals. But on a positive note, you can add to your bottom line in another way: throughu00a0u003ca href=u0022https://www.jmfa.com/contract-negotiations/u0022u003evendor contract negotiationsu003c/au003e.nnu0026nbsp;nnSeriously, itu2019s like findingu00a0hiddenu00a0treasure thatu2019s been right under your nose all along. You just need to know how to access it.nnu0026nbsp;nnu003cstrongu003eMeeting Account Holdersu2019 Needsu003c/strongu003ennAs the service delivery paradigm shifts toward digital wallet apps, itu2019s important to choose vendors that offer products and services that meet consumer expectations for convenience, securityu00a0andu00a0accessibility.nnI have worked with many clients to help ensure they are able to make the very best, informed decisions when it comes to choosing a product vendor or renewing a legacy service contract.nnu003cstrongu003eu00a0u003c/strongu003ennSimply signing the bottom line without a careful review of the services provided u2014 or the contract terms u2014 can result in:nnu00b7u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0missed opportunities to gain a competitive edge in the market;nnu00b7u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0loss of potentialu00a0savings,u00a0increased income and improved contract terms; andnnu00b7u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0services that may not meet your account holdersu2019 needs and expectations.nnu003cstrongu003eu00a0u003c/strongu003ennu003cstrongu003eDo You Know Where to Look for Treasure?nu003c/strongu003enFor many institutions, signing a new service contract u2014 or renewing an existing one u2014 often becomes a matter of habit. If you are satisfied with the level of service from a vendor, you might not think of the possible benefits of having your contracts reviewed and possibly re-negotiated by a professional.nnu0026nbsp;nnIn my experience, many people do not realize that treasure awaits them if they just could just access the map. They are only familiar with their current pricing, are often unfamiliar with how pricing for services has changed over time and underestimate their cost-savings potential. This puts them at a major disadvantage even if they try to negotiate with vendors on their own.nnu0026nbsp;nnWhatu2019s more, simply letting your contracts auto-renew every time means you miss the chance to explore alternative or lower-priced options that may better fit your bank or credit unionu2019s current needs.nnu0026nbsp;nnThatu2019s where having an expert contract negotiator comes in handy u2014 they know where to find that buried treasure and how to put it into your hands.nnFor one of our clients u2014 a Midwest financial institution with $1.8 billion in assets u2014 this became clear when the time came to re-negotiate their Internet banking contract. After we secured improved rates for them, they saw an overall savings of 14% over their previous contract. u00a0Since then, we have helped them negotiate other contracts u2014 most recently, for their card processing contract review. That endeavor achievedu00a0a six-figureu00a0savings over the life of the seven-year contract.u003ca href=u0022https://www.jmfa.com/About-JMFA/Case-Studies/TheBANK-of-Edwardsvilleu0022u003eCheckoutu00a0more details behind their success storyu003c/au003e.nnu003cstrongu003eJust Think What You Could Do with Additional Incomeu003c/strongu003ennu003cstrongu003eu00a0u003c/strongu003ennGiven the number of service contracts held by the typical institution, the potential for cost-savings and monetary incentives is tremendous for your competitive position. Savings from a contract review could allow you to invest in updating technology, enhance your service-offerings for account holders, or even expand your business or open new branches.nnu0026nbsp;nnu003cstrongu003eGet the Most Value with a Professional Contract Reviewnu003c/strongu003enWhether or not you have in-house contract expertise, a professional audit of your contracts will help to uncover areas where you can find additional savings. And depending on your current agreements, the findings can lead to improved terms, signing bonuses, service upgrades, and increased revenue potential that can offset some of the economic and regulatory challenges you may be facing.nnu003cstrongu003eu003cemu003eDonu2019t delay u2014 to get the most competitive offers from your vendors, itu2019s best to start reviewing your contracts 18-24 months before they expire.u003c/emu003eu003c/strongu003eu00a0Putting a professional review of your service contracts on the back burner can result in the loss of monetary rewards that could help you positively impact the bottom line and improve account holder service.nnu0026nbsp;nnYour buried treasure awaits u2014 are you ready to claim it?nnu0026nbsp;nnu003cemu003eContact me atu00a0u003c/emu003eu003ca href=u0022mailto:kelly.flynn@jmfa.com?subject=Online%20Inquiryu0022u003eu003cemu003ekelly.flynn@jmfa.comu003c/emu003eu003c/au003eu003cemu003eu00a0or visitu00a0u003c/emu003eu003ca href=u0022https://www.jmfa.com/bestdealu0022u003eu003cemu003ewww.JMFA.com/bestdealu003c/emu003eu003c/au003eu003cemu003eu00a0to read more about some of our client success stories.u00a0u003c/emu003ennu003cemu003eu00a0u003c/emu003enu003cdivu003ennu003chr align=u0022centeru0022 size=u00222u0022 width=u0022100%u0022 /u003ennu003c/divu003enu003cstrongu003eABOUT JOHN M. FLOYD u0026amp; ASSOCIATES (JMFA)u003c/strongu003ennFor the past 38u00a0yearsu00a0u003ca href=u0022https://www.jmfa.com/u0022u003eJMFAu003c/au003eu00a0has been considered one of the most trusted names in the industry helping community banks and credit unions improve their performance and profitability. Whether itu2019s recovering lost revenue, uncovering savings opportunities, serving your account holders better, finding the perfectu00a0personnelu00a0fit or delivering a 100% compliant courtesyu00a0pay program, JMFA has the right solutions to help you not onlyu00a0meet,u00a0but exceed, your goals. We are proud to be a preferred provider among many industry groups. To learn moreu00a0u003ca href=u0022https://www.jmfa.com/contactusu0022u003econtact your local representativeu003c/au003eu00a0or call us at 800-809-2307.


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