A Monthly Trivia Moment

A moment designed to give you a quick pause, a bit of fun, and maybe even a nugget of industry knowledge you didn’t know you needed.

According to industry best practices, when should financial institutions begin evaluating new lending technology before a contract renewal?

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Many financial institutions wait until the final year of a vendor contract to begin evaluating new technology. However, starting the process 18–24 months before renewal provides more time to assess business needs, compare solutions, negotiate effectively, and plan for a smoother implementation. The earlier the evaluation begins, the more strategic the decision can become.

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