Preferred Service Providers

CBAI members trust that vendors with the CBSC Preferred Service Provider designation are the best-in-class service providers dedicated to the community banking profession.

  

 

 

 

About CBSC Preferred Service Providers

A subsidiary of Community Bankers Association of Illinois (CBAI), CBSC aggregates the “clout” of CBAI member banks to negotiate lower costs and provide improved access to essential bank products and services. CBSC recommends products and services that assist banks with income-production, expense reduction, consulting, marketing, compliance, equipment, insurance, lending, A/L management and payments. Before the CBSC board of directors awards any program an exclusive partnership, it is subjected to a rigorous due diligence review that includes extensive testing by members, occasionally by independent experts, and negotiation of special member-only benefits. This process typically takes up to six months.

 

FAQs About Preferred Service Providers

CBSC identifies banker needs through committee meetings, surveys, and industry publications. CBSC then conducts company discovery:

• Reviews existing CBAI associate members 
• Reviews current PSP products and services
• Recommendations from CBAI member banks, committees and leadership
• Surveys
• Recommendations from other PSPs, ICBA, BTV and other state associations

 

CBSC focuses on six areas when performing due diligence:

• Management experience & qualifications
• Financial condition
• Legal & regulatory compliance
• Risk management & controls
• Sales and marketing plans
• Favorable reports from current clients

CBSC has also implemented ongoing monitoring policies to enhance our ability to detect challenges in real-time and reduce risk.

CBSC does not provide a banker due diligence package because CBAI is not a bank, and the individual bank determines bank due diligence requirements. Although CBSC’s process satisfies our requirements, it is the bank’s responsibility to conduct their due diligence should they engage with any of our PSPs.

CBSC PSPs are the only vendors serving the community banking industry that we officially recommend to member banks.

Bankers expect that each of these services help community banks improve their business by increasing efficiencies and enhancing profitability by generating fee income, growing their lending portfolio, building customer relationships, identifying competitive advantages and diversifying the services the bank offers.

Each Preferred Service Provider provides a tangible benefit to CBAI members through a discount or improved access. 

We advocate for member banks in all PSP disputes.