How do We Fix the Credit Union-Vendor Partnership?

Credit unions and technology vendors agree on one thing: the current partnership model isn't delivering. Where they disagree, however, is why.

Our new report, Transforming Transformation, puts credit union leaders and technology vendors on the exact same page. We dive deep into the uncomfortable realities of the technology relationship lifecycle, asking the hard questions: What actually happens when procurement drags, implementations stall, and operational relationships fail to capture promised ROI?

The Truth From Both Sides

The findings from this research show that the friction we are seeing isn't due to bad intentions or ineffective staff, but is the result of a partnership model that was never deliberately designed. Instead, it has evolved through habit, accumulated workarounds, and the path of least resistance.

Where Vendors Miss the Mark

• Sector Complexity: Vendors frequently struggle to navigate and manage the distinct, nuanced nature of credit unions.

• Misaligned Expectations: A persistent gap remains in understanding the unique operational needs of credit union clients.

Where Credit Unions Fall Short

• Governance Gaps: Buying committee sophistication and consortium governance score poorly across the board.

• Internal Capacity: Credit unions openly admit to their own friction points, including weak vendor relationship governance, a lack of proactive communication, and insufficient internal project management capacity.

Structural Problems Demand Structural Solutions

The good news? Structural problems can be fixed with structural solutions. Transforming Transformation moves past the blame game to provide a practical, lifecycle-stage blueprint for real change:

• Credit Unions (Individually): Learn how to raise your game and become highly effective procurement and delivery partners.

• Credit Unions (Collectively): Discover how to collaborate to build the vital, shared sector infrastructure that has been missing for years.

• Vendors: Learn exactly how to close the preparation and communication gaps your credit union clients are actively feeling.

• Shared Innovation: A guide to what both sides can build together that neither can achieve alone.

This report is a data-driven case for why the model must change now, and a practical guide for how to do it.

About the Authors

• Carrie Forbes is the CEO of Rockstar Advisory, a firm dedicated to providing the strategic advice and applied learning that helps fintechs and financial institutions build harmonious, high-performing partnerships.

• Doug Macdonald is a seasoned strategist and executive advisor to Canada's credit unions, payments providers, fintechs, and challenger banks.