Credit unions closed more branches in 2020 than ever before
Help keep your branches open by turning vendor expense into expense reduction
The Credit Union Times recently reported third-and-fourth quarter data released by the NCUA revealed a 12-month trend in branch closings throughout the United States and its territories. This decline resulted in 449 branch closings in 2020. While branches have been declining for several years, this marks the first-time credit union branches have closed their doors in significant numbers.
While larger credit unions and banks are expanding, smaller institutions continue to decline. However, it doesn’t have to be that way and there are remedies you can put in place now to mitigate the situation and potentially save millions – allowing you to keep your branches up and running, serving your communities.
How credit unions are losing money
If your vendor management program isn’t reducing expenses, you could be losing money that could drop to the bottom line. There are several common mistakes credit unions make that are costing millions. Credit unions may have…
- Purchased software that’s costing more than it was supposed to save
- Overpaid for bad contracts with hidden fees and no remedies to power vendor performance
- Let contracts auto renew without negotiating a better deal or forgetting renewal dates
- Paid for products or services not used
- Signed multiple contracts with different vendors for the same service
Reduce vendor expenses with the Vendor Advantage System®
By converting your vendor management program from an expense to an expense reduction program, you will not only reduce expenses, but improve vendor performance.
Only Maple Street has the revolutionary Vendor Advantage System®, a comprehensive, systems approach to managing vendors, from new vendor selection through ending the vendor relationship. The system delivers three results: reduced expenses, improved vendor performance and managed risk. With the Vendor Advantage System®, we guarantee you’ll save more than you spend and you’ll pass your exam.
To date, Maple Street has saved our clients over $132 million and we can help your credit union thrive, too. Call 800-513-6839 or visit www.maplestreetinc.com/learn to learn how we can help you reduce expenses and keep your branches open.
Background for this article was provided by Credit Union Times covering how credit union branches declined in 2020.
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