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Your staff is focused on processing PPP loans provided through the CARES Act and working diligently to support your community. In a time like this, your bank can’t afford to experience service disruptions that can potentially cost time, money, and your reputation. Should your system be compromised or experience a shutdown, you need to know how you will be impacted and how your vendor will respond to help you recover. You need to be assured that your core vendor has a strong business continuity plan in place. Getting peace of mind from them just won’t cut it.
Every core vendor will feature a laundry list of benefits on their website or brochure. They’ll save you money. You’ll beat the competition. But, are there any benefits that particularly stand out?
As the COVID-19 pandemic continues to evolve, we want to let you know that IBT Apps® has comprehensive plans in place to protect our staff, clients, and partners.
Whether you’re exploring a new core solution or are narrowing down your selection for a new core provider, there are critical conversations that need to happen with a potential vendor prior to moving forward. Asking the right questions upfront will help you understand the ins and outs of the new partnership and fill in any gaps in communication before finalizing the contract. More importantly, having these much-needed conversations will protect your bank in the long-term.
Shopping for a new core involves so many details. The cost, the timeline, and even the vendor’s reputation can influence your purchasing decision, but there’s more to it. In fact, there are a few different layers to peel through to make sure you find the right core partner that fits your business’ needs.
That’s why we created a great guide for community bankers with discussion points to lead conversations with new core vendors during the due diligence process. We won’t cover the entire list in this post, but will touch on one of the most critical items: meeting the entire vendor’s team prior to signing any contracts.
The new year means new technology changes are just around the corner. As a banker, your core technology partner and the software they offer need to be positioned and forward thinking, so it can move with the wave and continue offering you technology that keeps you competitive. Let’s face it. Underperforming, deprecating core systems are no longer meeting your needs nor expectations, and a transition may be inevitable. The best laid plans involve evaluating your options for the long-term.
This article was previous published in Independent Banker magazine.
The success of a bank hinges largely on their relationship with their core partner. This is especially true for community bankers since the needs for each are specific to the demands of their business. For community bankers to retain market share in an ever-evolving market, it is essential for them to choose a core solution that is intuitive, and an active partner that is willing and able to do what they need to stay competitive.
Being in the financial services sector, we hear the term 'security' a lot. We are required by regulators to have policies and practices in place to protect the data in which we are entrusted. The question we must ask ourselves is how we allocate the budget we have to defend ourselves against an adversary that has better resources and greater funds then we do. The US government spends billions of dollars on security, and we hear stories of their data breaches on a regular basis. If scammers can breach even their highest security level, how do we do it with budgets that are a fraction of theirs?