Trusted Advisor to Banks and Credit Unions

Archive for March 2019

Remedy T-shirt in Jamaica

We are constantly on the lookout for the Remedy T-shirt in our travels. Here is one that one of our employees found in Jamaica! We’ve always thought of Remedy as a U.S. based operation, but our T-shirt has gone international! Send us a picture if you see the Remedy shirt on your travels, and we’ll…

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Banks Must Merge to Create Digital Opportunities

We recently read an opinion piece in the ABA’s BankThink column: https://www.americanbanker.com/opinion/regional-banks-must-merge-to-meet-tech-challenges The article is saying that in the wake of the Suntrust and BB&T merger, that the merger is effectively to gain the economies of scale needed for regional banks to compete with the national banks. The article goes on to say that the…

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Whitepaper on the results of 602 Previous Core Vendor Contract Negotiations

The Remedy Analytics team recently dissected over 600 previously negotiated contract renewals from three different categories: Contracts negotiated by a bank and credit union (DIY) without consultant assistance Contracts negotiated by flat-rate or by-the-hour consultants Contracts negotiated by contingent rate (percentage of fee) consultants The surprising (or not so surprising) results can be found in…

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Is FIS Acquisition of Worldpay Good for Community Financial Institutions?

https://www.americanbanker.com/news/what-does-the-fis-worldpay-deal-mean-for-banks In reading through various “expert” opinions on the topic of the FIS-Worldpay merger, the positives for banks seem to be: Better fraud (full circle) fraud recognition Expanded merchant acquiring services Expanded eCommerce services Expanded data collection on customers Other than the fraud services, most of these sound like benefits to FIS, not necessarily to…

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Outsourcing your Core Bank or CU Platform- Items to Consider

Your Sr. Management team has decided to migrate your bank or credit union from an In-house core, which resides on premise, to an outsourced core platform, which resides at your vendor. Your financial team has reviewed the total cost of ownership of both models. They have decided that between the reduced risk and reduced staffing…

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Are Banks and CU’s “Required” to have a third party due diligence review of their vendor contracts?

We attended some interesting presentations last week at the Illinois Bankers Association. One in particular was called “The ISO’s guide to Third Party Oversight” by a company called CoNetrix. Sounds about as interesting as watching paint dry, doesn’t it? The initial reason we attended was to try to ensure that the Remedy Request for Proposal…

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