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5 Signs It’s Time to Upgrade Your Bank’s Technology Stack

upgrade bank technology

This post was previously published on Independent Banker. 

A bank’s core system is, without a doubt, the heart of a community bank. However, for a bank to operate efficiently, it needs the proper technology infrastructure and support in place. Lagging back-office systems will only create barriers for staff productivity and impact the bank’s future growth. But, how do you know if and when it’s time to upgrade? Avoid waiting until it’s too late. Use the five signs below to assess your technology stack and learn if you need to make a change.

1. Your bank uses disparate systems. Many banks have their core processing system, a separate check writer, and reporting software system. These are too often not integrated and require multiple sign ins and windows to operate, making it challenging to stay organized and efficient.

2. Your staff is working with outdated technology. Does your bank’s staff have an older version of Microsoft Office? Not only can it limit your staff’s productivity, but it can also leave your bank vulnerable to security and privacy threats.

3. Your bank doesn’t have a secure email provider. Although it is one piece of the broader application, it is the most important. As we’ve learned through the recent pandemic, immediate communication is key to keeping your customers and employees informed. And, having a secure email provider with the appropriate firewalls surrounding it is critical to staying compliant.

4. You’re spending time and money diagnosing and repairing technology issues. Not every bank is able to have a dedicated IT team member on staff. However, if you don’t have at least one expert, chances are you’re stuck playing the role or you’re contacting a third-party vendor for assistance. Without realizing it, the time and money spent can equate to the salary of an IT team.

5. You have an outdated or nonexistent business continuity and data recovery plan. In the event of a natural disaster or cyberattack, how confident are you that your systems are protected? Having an updated and proven business continuity and data recovery plan helps reduce the risk of your business’ data getting compromised or lost and enables your business to stay up and running.

At IBT Apps, we offer community banks end-to-end solutions that satisfy both the customers’ evolving bank needs and the bank’s need for operational efficiency. Our adaptable core banking system is our bread and butter. However, we recognize that banks like yours need a complete solution that includes secure network support to power your bank’s operations. That’s why, IBT Apps now offers full-service Managed and Hosted Network Services that includes secure hosting and ongoing maintenance for your bank, with the addition of Microsoft 365 to bring your team up to date in the new year. With a reliable, secure, and compliant infrastructure in place, you can focus on running your business instead of running your IT department.

Let us manage your technology so you don’t have to.

Contact us for more information.

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