Vendor Decisions

Choosing the right vendor for your core system, large technology system or other investment is a vital, yet infrequent, project for banks. Because it only comes up every few years, most banks don’t have staff dedicated to the process. You know it must be done, but it is long and often painful and the stakes are tremendous – choose right and your bank is prepared for a strong future, choose poorly and you could be in for costly mistakes.

Vitex consultants view vendor decisions, and the associated contract negotiations, as the ultimate challenge. We’ll admit to feeling a little thrill whenever we uncover needs you didn’t know you had, line up a top notch flight of prospective vendors and drill down on the data to create a clean comparison. It doesn’t hurt that our track record is unrivaled – in fact, our experts have a combined history of selecting, negotiating and implementing core systems that actually predates the existence of core banking systems. We’ve been helping banks make these decisions ever since they’ve needed to be made.

So what makes Vitex different? Two things.

First, pure objectivity. We have no allegiances with technology vendors, meaning we can look at all of the available vendors and objectively identify those that meet the business demands of your bank. There’s nothing in it for us outside of your satisfaction so our judgment is clear and unbiased.

Second, more objectivity. This time it is in how we present the information to you. Our consultants do a great deal of legwork and apply our proprietary analytics to create a true apples-to-apples comparison. You’ll be able to see how the possible solutions stack up against each other – not according to market positioning provided by the vendor, but according to your business, strategic and financial demands. This clear comparison allows you to make the best vendor decisions for the long-term success of your bank.

Once the vendor decision is made, our contract negotiation specialists can help you obtain the most favorable pricing and terms, increasing the positive impact on your organization.