Misconceptions and negative experiences often dissuade community bankers from giving modern core banking technology a chance. What bankers don't realize is that continuing to pass on new solutions prevents them from growing their business and causes them to fall behind the competition.
Third-party integrations with a bank’s core system have quickly become a trend in the fintech industry. This makes sense for a few reasons: 1.) Today’s customers are looking for more digital products and paperless options to make banking convenient. 2.) Customer demand has caused a technology revolution with more and more third-party product vendors venturing into the community banking space. 3.) Startups and national organizations like ICBA are supporting these players by cultivating an environment for bankers to learn about and interact with new vendors.
Banking technology is one of the biggest investments keeping your institution in business. And, when we talk about technology, we’re referring to more than just the core. Technology is the entire infrastructure powering the front and back-office operations, from something as small as the bank’s email platform to the servers and data centers housing all of the bank’s customer data. Whether it’s software, hardware, or the cloud, we are highly dependent on technology to work when we need it.