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.
Having to review a core provider’s contract is like trying to walk through the southern mud. There are pages and pages of messy legalese, and if you don’t have an attorney that is knowledgeable in core technology contracts, you might just sign up for products and services you don’t need or want, and end up paying for more than you bargained for. What community bankers may not realize is that a core provider’s contract shouldn’t be complex or confusing; yet day after day, bankers are left locked into their contracts due to the black holes they couldn’t spot ahead of signing on the dotted line.
This post was previously published as an article in IB Magazine.
When you’re busy running your business, marketing can easily take a backseat. It’s complex, always changing, and can be challenging to find something that works. Fortunately, there is light at the end of tunnel. As long as you know some of the basics, marketing can be simplified so that it’s something you can implement and grow with.
In this article, you’ll learn how to build a simple marketing strategy even if you have limited resources and budget. You may have never invested in marketing or you may have just been too overwhelmed by all the possibilities and unknowns to set a course, but regardless of your position, you can walk away with the foundation to market your bank just by answering a few basic questions.
In order to thrive in today's climate, a community bank must shift its business strategy and advance their core technology. Download our latest ebook on How Core Technology is Changing the Community Banking Environment and learn about the developments and benefits of modern core technology and where to start when your business joins the road to innovation.
This content was previously published in IB magazine.
Many community banks have been operating with their core technology for decades, often for as long as the bank has been established. The bank’s staff are accustomed to working with old technology and a mindset of, “if it’s not broken, don’t fix it.” But digging deeper, many bankers are finding that it is, in fact, broken in some way, shape, or form. Legacy core systems become stagnant, costly to maintain, and create a barrier to growth and profitability.
Community bankers must realize that the benefits of a new core outweigh the upfront costs. For community banks to thrive in this time, they must take the leap, let go of their incompatible core, and explore systems that can evolve as their needs change.
The impact of COVID-19 has caused many of us to rethink how we do business in order to overcome the “new normal’s” ongoing challenges. For a community bank to survive the uneven road ahead, it must ensure that its core technology can adapt to the ever-changing climate.
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.