Your core banking system may be performing as expected, but is it keeping up with modern technology and customer demand? With innovations in core technology gaining momentum, there's no reason why your core system shouldn't have newer and more powerful capabilities for your bank to optimize operations and customer service. Learn the top three modern capabilities your core system should include and consider if your bank could benefit from them.
This article was previously published in Independent Banker.
How would you describe your relationship with your core provider?
When we spoke to a group of community bankers last year, we often heard, “Well, it’s a love/hate relationship. Our business is running, and we have no complaints, but sometimes we wish we had more to work with.” We also heard, “We actually feel a little trapped in our relationship. We signed a 20-year contract, but our needs are changing and they’re not really able to meet us halfway.”
If you're like many community bankers, you're stuck between a rock and a hard place when it comes to the relationship with your existing core provider. Many legacy cores are no longer evolving their suite of products, yet their complex contracts make a bank feel locked in. And as we've observed over the course of the pandemic, many big-box cores are failing to be agile and responsive to your needs. If you're reading this, you may already be thinking that something needs to be different this year. But, how do you know when it's time to change core providers?
In this article, we share what has led community bankers like you to switch to a new core provider. Read what broke the camel's back, see if you can commiserate with our clients, and learn if it's time for you to explore other options.
Continuing with the last question of Assessing Your Core Provider's Service, we take a look at technology costs and we have to ask:
Continuing with question three of Assessing Your Core Provider's Service, we take a look at technology support. Your core provider may support you through the conversion, but do they provide maintenance post-conversion to make sure your system continues to run as it should? And what about your back-office technology? How is it being serviced?
Continuing with question two on Assessing Your Core Provider's Service, we take a look at cybersecurity, which continues to be a critical issue in the industry and is especially heightened during the pandemic. Your core provider needs to be doing everything possible to minimize your risk, so we have to ask:
2020 brought its set of challenges to community banks nationwide, causing many banks like yours to rely on their core technology more than ever before. Did your core provider support your bank when you needed them the most? Before you answer, ask yourself the following questions: