According to Deloitte, 59% of businesses outsource critical services in order to cut costs, and 57% outsource because it enables them to focus on core business functions. Vendor partnerships are vital to your credit union’s growth and success, allowing you to focus on and improve core business functions and utilize dedicated resources to strategically improve processes that affect member retention. However, having too many vendors can backfire.
There are multiple member communications options on the market, and most of them claim they are the best solution for your needs. This is where credit unions fall into the trap of managing multiple vendors for document composition, digital delivery/storage and print and mail. While it may seem like a good idea to leverage the “best” vendors in each of the aforementioned categories, this approach can leave you with errors, extra unforeseen costs, unnecessary time spent on managing multiple vendors, and damaged member relationships.... READ MORE >>