First of all, let us be clear: we do not think vendors are bad. Third-party vendors play a valuable role in most financial institutions’ everyday operations.
However, from our perspective, a vendor relationship and a partner relationship are not the same; and when it comes to your overdraft program, a vendor just won’t cut it.
Managing a service that generates such a large percentage of your institution's overall non-interest income requires a true partner to your company. This partner should work as an extension of your business understanding and anticipating your goals and needs.
|HOW THE RELATIONSHIPS DIFFER|
|VENDORS PROVIDE:||PARTNERS PROVIDE:|
An overdraft service PARTNER communicates with you frequently, provides proactive data analysis, evaluates and makes suggested revisions to your program on an ongoing basis. In doing so, your institution can maximize revenue, manage risk and provide world-class service to your account holders.
Is your third-party overdraft provider your partner? Download our Overdraft Provider Partner Checklist to find out.