Bankers enjoy a dizzying array of opportunities to leverage new partnerships to cut costs, boost profits, improve technology, enhance the customer experience – and sometimes – all of the above. That’s the good news.
The not-so-good news is sifting through an increasingly complex landscape of new entrants and established vendors and vetting potential partners takes time, energy, expertise and money– often more than any one bank can easily manage.
This is where a national trade association is uniquely positioned to add value. It can spread research costs across a diverse membership base while evaluating best-in-class providers offering a broad range of products and services.
THE ABA ENDORSEMENT PROCESS
The concept behind the American Bankers Association’s due diligence process is as simple as it is successful. Its process identifies proven, reliable vendors while saving banks time and money – and uncovering areas of information that could otherwise be difficult to obtain.
First, ABA engages with bank leaders to identify gaps in their current offerings and/or opportunities to expand services. Second, ABA enlists top consultants to conduct intense research throughout the sector. Third, ABA staff experts guide the RFP process and validate the research with bankers. Despite the relatively simple concept, the process itself is quite rigorous. In our case, after nearly a year of participating in this robust and meticulous process, ABA endorsed our comprehensive mortgage fulfillment solution.
Candidly, we embraced the thorough, exhaustive undertaking because the ABA seal has a highly-regarded reputation throughout the industry. Bankers can explore our technology-enabled end-to-end mortgage fulfillment solution with confidence, knowing we’ve exceeded the ABA’s high endorsement standards, including the following:
- Company reliability, sustainability and validity
- Proven track record delivering to banks
- Sound risk management
- Outstanding data and information security
- Rigorous quality and customer service standards
WHAT IT MEANS FOR BANKS
The outcome of ABA’s extensive and unbiased endorsement process is a library of evaluated solutions meeting banks’ most pressing needs. As an added value, ABA’s complimentary due diligence reports offer banks the intangible benefits of comprehensive vendor due diligence research without the long-term investment. And, in many cases, like ours, ABA members realize exclusive savings on endorsed solutions’ products and services.
We’re honored our technology-driven residential mortgage fulfillment services are endorsed alongside other innovative products and services helping banks grow, save and transform the customer experience.
Banks interested in reviewing our ABA Due Diligence Report can find it here.