When speaking with a future customer, the first thing they often want to know is whether they are paying a fair price for the services they are being provided by their vendor. This is an important question, and understanding if you are paying competitive rates is critical to keeping your financial institution competitive. The Remedy team is packed with experience, having negotiated over 700 core contracts and many more peripheral technology contracts.
The next question we get is whether the proposed contract remains competitive for the duration of the contract term? Your contract has been written by the vendor, so what is important that is not currently in our agreement? What do we need to do to improve the terms and conditions being requested by the vendor?
Remedy's Price Repository™ contains all previous deals negotiated by Remedy. We analyze our client's rates against deals negotiated in the previous 24 months, looking for common criteria, such as the size of the financial institution and the set of services purchased, among others.
If we do not feel that our client is receiving market-based pricing in their current contract, we ensure that they are treated fairly when they renew. For clients that are changing providers, whether that be Core, Digital, Payments, Item Processing, Cards, or any other significant vendor-provided service, Remedy has the expertise to negotiate your best deal.
After completing one renewal on your own, it was evident that market pricing information was necessary for an effective negotiation. Remedy was able to provide that plus other contract information that made for a positive renewal. Remedy was able to achieve more than our expectations, including significantly lower rates.
Amy Johnson, COO
Dairy State Bank, Rice Lake, WI
Our organization was engaged in a negotiation with our core provider for a contract renewal. Although we were already well into the process, I made the decision to hire Remedy because I felt the negotiations were taking too long and consuming too much of my management team's time.
Josh Hoppes, CEO
Mutual Savings Association, Leavenworth, KS
Cornerstone Bank thanks Remedy Consulting as a strategic partner in core contract negotiation. Brian, Project Manager, streamlined the process of our core vendor renewal and advised us as to the new technologies that we could continue/implement and still receive a cost reduction on our five-year contract. We are happy to highly recommend Brian and the Remedy Team.
John Doull, President
Cornerstone Bank, Overland Park, KS
We wanted to ensure our pricing and contract terms were in line with those of other financial institutions. Remedy had the tools and knowledge to help us out. The process, from beginning to end, lasted about 4 months. Remedy took care of all the negotiations and simply kept us apprised of where the negotiations were at and how they were going.
Ben Hansen, CEO
RSNB Bank, Rock Springs, WY