Over the past few years, we've conducted interviews with our customers to gain insights into what credit unions value in our partnership and where we can improve. If budget season has you reflecting on your vendor relationships, here are the 5 things our customers say are the keys to great partnerships.
1. Value Alignment Strengthens Partnerships
Credit unions place high importance on working with vendors who understand and share their core values. When a vendor aligns with a credit union’s mission—whether it’s serving members, supporting the community, or promoting ethical practices—the partnership becomes more than just a transactional relationship. Vendors that embody these values build deeper, more trusting connections with their clients.
As the Chief Experience Officer of a mid-size credit union in Washington put it, “Prisma allows us to connect with our members in a way that deepens our relationship and aligns with our values.” This kind of alignment fosters collaboration and mutual success, making the partnership more resilient over time.
2. Strong Communication Fuels Success
Effective communication is the foundation of any successful vendor relationship. Credit unions value vendors that are responsive, clear, and transparent in their communication. Whether it’s resolving issues, providing updates, or collaborating on strategies, vendors who communicate well keep projects on track and build trust.
A Marketing Manager at a mid-size credit union in California shared, “Our rep has been crucial to our success with Prisma, always answering any questions we have and supporting us every step of the way.” Vendors that prioritize strong communication ensure that both sides are aligned, making it easier to work together smoothly.
3. Proven Results Matter Most
While innovation is important, credit unions want to see concrete, measurable results. Vendors need to demonstrate how their solutions improve key metrics like member engagement, operational efficiency, or growth. Promises aren’t enough—credit unions need to see real outcomes to trust a vendor’s value.
A VP of Marketing at a financial institution in Kansas noted, “We doubled our campaign reach and conversion rates within eight months using this solution.” A vendor’s ability to deliver results speaks louder than words, solidifying their place as a reliable partner in a financial institution's growth.
4. Flexibility and Transparency Build Trust
Credit unions appreciate vendors that are transparent about their pricing, processes, and expectations. Hidden fees, unclear deliverables, or rigid terms can undermine trust quickly. In contrast, vendors who remain flexible and responsive to changing needs create stronger, more adaptable partnerships.
As a Member Insights Analyst at a large credit union in Colorado explained, “The team listens to our requests, responds quickly, and shows flexibility in tailoring solutions to our evolving needs.” Flexibility allows both the vendor and the credit union to navigate challenges together, ensuring the partnership grows in a way that benefits both parties.
5. Personal Touch Strengthens Loyalty
Beyond professionalism and technical know-how, credit unions value the personal connection a vendor brings to the table. When vendors invest in building personal relationships, it creates an additional layer of trust and loyalty. Vendors who go the extra mile to understand the unique needs of their credit union clients, celebrate small wins, and provide genuine support often become long-term partners.
A Director of Marketing at a mid-size credit union in Oregon also shared, “Our partnership feels personalized and truly collaborative. They understand our unique needs and are always there to support us.” This personal touch strengthens the bond between vendor and credit union, making the relationship more enduring and successful.
Checklist: What Credit Unions Value in Vendor Relationships
- Value Alignment: Vendors should understand and share the credit union’s core mission and values to build lasting partnerships.
- Strong Communication: Regular, clear communication is essential for keeping projects aligned and fostering trust.
- Proven Results: Measurable outcomes that demonstrate a vendor’s impact are key to earning trust and loyalty.
- Flexibility and Transparency: Transparent pricing, processes, and adaptable solutions ensure a vendor can grow with the credit union.
- Personal Touch: Building personal connections fosters deeper loyalty and enhances collaboration over the long term.
Conclusion: Time to Reflect on Your Vendor Partnerships?
As credit unions prepare for the future, it’s important to reassess what makes a vendor relationship valuable. Trust, strong communication, shared values, flexibility, and real results are at the heart of successful partnerships. If you're reflecting on your current vendor relationships and would like to explore how we work with our credit union partners, let's connect!
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