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Today, consumers can access their financial institutions through numerous channels, such as mobile phone, online banking, call center, branch, ATM, email or drive-thru window. So, to remain competitive, most credit unions have found value in outsourcing various services and activities to third-party vendors. Not only is this cost effective, but it also allows staff to focus on credit unions’ most important function: Serving their members.

But giving up some control to another company can be risky, as poorly managed third-party providers can cause unexpected legal or reputational issues, as well as expose members’ information to possible misuse. As a result, all financial institutions should implement a well-planned vendor management process.

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