Vetting your vendors is fundamental to ensuring your branch can reach its maximum potential.

8 Qualities to Look for in Your Vendor

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No matter where you look, consumers have a clear need for financial services. Nearly 70 percent of adults globally have a bank account, according to the World Bank, and among developed countries, that figure is much higher at 94 percent. Technological innovation and omnichannel access have fueled increasing consumer demands, and branches nationwide have accelerated their efforts to fulfill them.

"How can you tell if your vendor is truly invested in your company's success?"

But banks and credit unions cannot and should not go it alone. Sure, you've spent years developing top-notch, personalized customer service – but who is serving you when it comes to your critical financial technology, security and service needs? You need a vendor who is every bit as engaged in the customer experience and overall performance as you are, allowing your branch to rise to the top in an already crowded market.

When it comes to choosing a vendor partner, if only it were as easy to picking a name out of a phonebook: The truth is, not all vendors are created equal or have your key interests  in mind.

The question then becomes: How can you tell if a vendor is truly invested in your success? Here are eight characteristics to look for when vetting technology and service partners:

1. Focus
Your primary focus are the people that come through your branch doors and log onto their online accounts. Are your vendors facilitating this goal? Are they focused on you and what you do – or are they just focused on their profit margins and shareholders?

2. Responsiveness
Your customers don't want to wait for their needs to be addressed. Neither should you. Whether providing electronic security, automation, ATMs or any combination of solutions, a vendor should be ready, willing and available to work with you, in real time, to achieve to your short-term and long-term strategic goals.

3. Specialization
Run-of-the-mill, "one-size-fits-all" solutions no longer cut it. Your vendor should offer specialized solutions to serve your needs.

4. Results-driven
The process is only half the battle; quality vendors have to deliver on your expectations with the type of equipment and services that guarantee you'll get results. The best vendors have data and case studies that demonstrate their successes and support their effectiveness. 

5. Fairness
The essence of a good vendor is captured in how it treats its clients, independent of their status or size. Whether its portfolio is made up of small-town community banks or global conglomerates, your vendor should be serving you with every bit as much verve and tenacity as larger entities – no playing favorites.

6. Customization
Banks may provide a litany of customer services all in one place, but every product and service is designed to meet a unique need. Vendor services should be customized to what you do, not the other way around.

7. Innovation
Customer preferences are never static, nor is technology. You can't rest on your laurels, so why would you allow your vendor to do so? They should be attuned to innovation and always looking to progress. 

8. Investment
The only way to get better is by taking chances and laying it all on the line. You've got skin in the game and so should your vendors.

From branch transformation to retail automation, physical security to electronic and video surveillance, BranchServ has built a reputation on quality assurance and dedication that we never take for granted. We understand bank facilities have many vendor options to choose from, but with a portfolio of 12,000 banks and credit union branches since launching in 2006, we can safely say we deliver and then some on our partners' expectations. As an ESOP, we are invested in their success.  Contact BranchServ and let us show you what we're all about: you.

Want to learn more? Contact us today!

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