This post was previously published as an Independent Banker experts article.
Whether you’ve had your core provider for one year or 10+ years, it’s critical to review their performance on a regular basis. Technology is evolving at a rapid pace and customer demands are shifting, and you need to feel confident that your core is delivering the service and support your bank deserves.
In this article, we discuss the importance of reviewing your core provider with an assessment and offer three steps to get started. Even if your bank has had no issues with your core provider, there can still be opportunities for improvement.
Reviewing Your Provider – Where to Start
Numerous events are causing community banks to make a leap of faith. From mobile-only banks making significant fintech advancements to giant retail conglomerates elbowing their way into the market, now’s the time to ensure your core provider is measuring up.
Here are a few steps to assess your provider:
1. Reflect on your core’s service from the past year. Start with 2021 and think about your core’s performance as well as the service and support your bank received. Ask yourself specific questions, such as:
- Was it easy to contact my provider’s support team or account manager when product issues came up?
- Did my provider make software enhancements that were affordable and truly benefitted my bank?
- If my core rolled out a new product or software enhancement, did they notify me before its release and supply adequate training?
2. Get your team involved. Ask your employees for their input, especially since they are the ones working closely with the technology. Let them know why you’re conducting an assessment and make it a collaborative environment, so employees feel comfortable expressing their opinions.
3. Use a tool to guide discussions. The areas of service, support, and technology may be enough to assess your core, but if you need more guidance, try using a free tool like the IBT Apps online core assessment. This tool helps you evaluate your core’s service and upon completion displays your score and sends you recommendations for improvement.
Setting a Goal for Success
After you’ve conducted an assessment, you may find yourself in one of the following situations:
- Your core is doing everything right,
- Your core has some opportunities for improvement, or
- Your core has significant weaknesses in its technology and service offerings.
If you fall into the first tier, great! Assess them in another six months to see if anything has changed. But, if you fall into the second or third tiers then talk to your provider about the possibilities for improvement. No request is too big or small, especially if it benefits your bank. If they can’t meet you where you are, consider researching options that better fit your business needs.
Ready to See Where Your Core Stands?
IBT Apps is proud to equip community banks with the technology, service, and support needed to evolve their business. See how your core provider measures up to today’s expectations when you complete our 5-minute online assessment today.