Vendor management

A community bank in Pennsylvania made up its own holiday of sorts — including a product demonstration and a 1982 DeLorean reminiscent of "Back to the Future" — to encourage bank customers to try out new fintech features.

Small banks and credit unions say slow responses and outdated products from the establishment tech vendor can become a drag on their innovation efforts.

Legacy tech vendors have traditionally offered decadelong contracts. But given constant change in the industry, small banks today should push for three-year deals, a bank CEO says.

Small banks are being warned to slow down mobile tool development and check vendor arrangements, as researchers repeatedly find vulnerabilities that can be exploited by cybercriminals.

An integrated payments and receivables solution is helping two Michigan credit unions boost engagement with small business members.

The company now serves more than 1,000 credit unions.

New service provides credit scores to members via mobile, home banking.

Credit unions undergoing core conversions may stick with third-party vendors for certain services, but in some cases that can cause more harm than good.

Senior leaders at the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said they want examiners to be more understanding of the budding partnerships forming between banks and fintech firms.

The Golden Contract Coalition, formed in mid-2016 to get community banks better deals with the “big three” core systems vendors, said banks need help with buying from fintech sellers as well.

The European core systems vendor has been making inroads into the U.S. market in recent years.

Industry experts are recommending that credit union executives start off 2018 by reexamining vendor contracts.

TruSight will assess, validate and monitor vendors on behalf of the consortium, which is expected to expand.

Readers comment on the ripple effects of the Equifax breach, who benefits from the CFPB's final arbitration rule, gender-related issues in financial services, and more.

A jumble of security vendors and lack of cohesive planning weaken many banks’ cybersecurity defenses, experts say.

Barclays, Goldman Sachs, HSBC and Morgan Stanley are backing a shared vendor risk management platform. The tough part will be agreeing on a final product.

Readers weigh in on chatbots, Amazon’s physical footprint expansion plans, alternative credit data and more.

The message to banks is loud and clear: A vendor’s mistake is your mistake. You can outsource a function, but not the responsibility for mishaps.

Not all data providers are created equal, and credit unions must carefully evaluate any new partner’s technology, processes and more.

Several firms are betting they will be able to help banks create platforms that allow customers to design their banking services.