Achieved a 19% savings all-in across the board. Launched a new Money-as-a-service technology (Maast) within a year after the negotation. Improved and restructured SLAs between client and vendor.
Solution: Contract Negotiation
Despite a long-standing relationship with its financial technology vendor, Synovus knew it needed to make some significant changes. Their existing core and ancillary systems contracts (15+ tech solutions) were coming up for renewal, and Synovus needed to reset its relationship with the vendor in order to set the stage for future innovation.
Saved TCB more than $1.14 million on a 5-year contract. Removed annual increase for the life of the contract. Enabled TCB to stabilize and more accurately budget digital account opening expenses for the next five years.
Solution: Contract Negotiation
Third Coast Bank’s leadership team knew they needed to evaluate their entire operations, including people, processes, and systems spanning 13 branches and 353 employees. Upon evaluation, the bank identified that a key area for success would be its digital stance.
Saved the bank $6.5 million through contract negotiations. Detailed preparation and planning enabled swift execution, a reduced risk profile, and faster value creation post-acquisition despite regulatory delays.
Solution: Contract Negotiation
Sunflower Bank recognized the need to mitigate any potential impact on both customers and staff due to the increased complexity and potential disruptions. With a goal to minimize these risks and ensure a seamless integration, the bank sought a partner who could bring industry expertise to the conversion process.
Achieved 33% pre-merger technology savings.
Solution: M&A
TruStone made the decision to engage Cornerstone for contract negotiations services. Working as an extension of TruStone’s team during the negotiations, Cornerstone’s goal was to focus on improving vendor relationships based on a fair, but aggressive market-based negotiation stance and best-in-class legal terms. This would ensure that TruStone would receive favorable contract terms and be able to negotiate from a position of strength.
Reduced average handle time by 30%, resulting in hundreds of thousands of dollars saved in resources annually. Improved efficiency and service quality. Increased employee retention and engagement.
Solution: Performance - Contact Center
Despite a long-standing relationship with its financial Hudson Valley Credit Union engaged Cornerstone Advisors to provide a Contact Center High-Performance Roadmap to first identify the root cause of the challenges the credit union was experiencing. FOUR key areas for improvement were identified.
Enhanced customer satisfaction through measurement best practices. Positioned itself as a digital leader in Connecticut. Leveraged business intelligence for data-driven decision making.
Solution: Performance - Digital Transformation
Despite their new technology and more robust capabilities, the GSB team soon realized that technology alone was insufficient to achieve their goals. They needed a digital transformation strategy that would enable them to maximize their new technology investment and put it to work to enhance performance throughout the entire organization.