Florida Banking February 2023

CHAIR’S MESSAGE

HOW BANCSERV MAKES THE VENDOR SELECTION PROCESS EASIER

BY BILL PENNEY, FBA CHAIR

W hy did Steve Jobs wear the same outfit every day? He wanted to reduce “decision fatigue” in the morning when he got dressed. We’re faced with so many choices between the time we wake up and the time we go to bed, and our ability to make decisions diminishes over the course of the day. We often face decision fatigue when selecting vendors. It is a process that requires time and research in order to do our due diligence for the bank (and for our clients). There are many factors to consider — a vendor’s background, experience, price

variety of industries, including check and marketing services, property, casualty, cyber-security, Bond and D&O insurance services, EFT solutions, healthcare and professional lending, compliance solutions, investment products and services, security, HSAs, core-consulting, vendor management, office supplies and printing, and more. Member banks receive discounts and exclusive offers from Endorsed Partners. And when our banks choose an Endorsed Partner, the FBA receives a percentage and those dollars flow back into BancServ and the FBA’s efforts to serve members and advocate for our industry. In our business, relationships are everything. It is enormously helpful that the FBA — through BancServ — facilitates strong relationships with quality vendors. It’s like asking for a referral from a friend. We have the opportunity to meet vendors face-to-face at events and learn more about their products and services. BancServ’s mission is about finding best-in-class companies to make the vendor selection process easier for us bankers. The due diligence of the BancServ board of directors eliminates hours of research for your bank. If you're interested in learning more about one of our Endorsed Partners, visit floridabankers. com/endorsed-products-services.html. Reach out to Director of Partner Relations Brian Hickey at 850 701-3510 or bhickey@floridabankers.com for an introduction. Now, please excuse me while I choose between blue or gray pants and a white or blue shirt. Ah, decision fatigue!

tag, client satisfaction, etc. Sometimes, we know exactly what we’re looking for, and who to contact. But when we don’t know where to start, well, that’s when FBA’s wholly owned subsidiary BancServ, Inc. (BSI) can be a valuable resource. Through BancServ, the FBA endorses companies offering industry-leading products, services and solutions to help its members save time, effort and money. BancServ’s board of directors has already done the legwork

“BANCSERV’S MISSION IS ABOUT FINDING BEST-IN CLASS COMPANIES TO MAKE THE VENDOR-SELECTION PROCESS EASIER FOR US BANKERS.”

to vet these vendors, who go through a thorough application process to become Endorsed Partners. The BSI board of directors is made up of 12 C-level community bank executives who are heavily involved in the vendor selection or operations of their bank. Members of the board serve three, two-year terms. First Bank’s Carey Soud is BancServ’s current chair. BancServ will not endorse more than one company per product. Currently, BancServ has 18 Endorsed Partners who offer products and services across a

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