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How to Become an ESP
The Endorsement ProcessKey Criteria
Your company must meet the following elements:
No start ups! Must have been in business at least one year. Beta testing period does not count.
Must have clients using the product or service. Product must be "live" in at least five banks for at least six months.
Must have financial statements. Audited are preferable, but tax returns or statements certified by an officers and prepared by an accountant are acceptable.
Must be an IBAT Associate Member.
Your Role Initially
1. Propose a quality product or service that will: (1) be of specific value to community banks; (2) that will provide a significant number of IBAT members with increased competitive advantage and profitability; and (3) that will provide a significant number of IBAT members with enhanced relationships with their customers.
2. Sign a non-disclosure agreement (NDA) and then you will receive a "Launching A New Endorsement" packet. Contact Jessica Molina via e-mail at jmolina@ibat.org or via phone at 800/749-4228 to receive an NDA then complete and fax it back to 512/651-6806.
3. Review the "ESP's Financial Commitment" (a substantial annual commitment that includes a generous amount of marketing support) and counsel with staff for details.
4. Send an executive summary (that explains how your product/service satisfies #1 above and outlines the advantages, for both parties, of an endorsement) along with your company brochure to:
Jessica C. Molina
IBAT Services Inc.
1700 Rio Grande Street, Suite 110
Austin, TX 78701
IBAT Services Staff Role Initially
1. Review your executive summary to be sure it satisfies #1 above. If it does, we review it with the Services board of directors to determine their level of interest in pursuing endorsement. Please Note: the endorsement process takes an average of six months.
2. Notify the service provider of the results of the review outlined above.
3. If the board sees a potential benefit for IBAT members, we begin the due diligence process (see "Evaluation" in "Launching" packet) and assist provider in packaging the application for endorsement.
Next Steps
1. Prepare your Evaluation. These questions solicit information relevant to the "IBAT Way" of managing ESP relationships and critical due diligence data that is essential to a bank's decision to use the ESP.
2. During this process the board may ask for any or all of the following:
ü Competitive proposals
ü A survey of your customers
ü A third-party analysis of your financials
ü A report from an ad hoc committee (this means that you would present your product/service to the ad hoc committee)
ü Details on your proposal for the special savings for IBAT members
ü Details on your proposal for marketing fees for IBAT Services
Once the board completes its review they will decide if you are endorsed or not. IBAT Services staff will notify you of the board's decision.
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Comments & Questions
If you would like to comment or have questions about this information,
please call our IBAT Services Inc expert, Jessica Molina at 800/749-4228
or email jmolina@ibat.org.
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