From playing phone tag to dealing with outdated information, finding the right vendor that aligns with what credit unions want to offer their members, and at the same time staying within the boundaries of regulatory compliance, can be time-consuming.

Typically, credit union executives talk to their peers to gather initial feedback on vendors that provide certain products and services. That word-of-mouth exchange can potentially secure long-term contracts.

Hoping to make the search and relationship management more efficient are two of the motivations behind VendorCamp, which launched in October 2013.