This article was previously published in Independent Banker magazine.
A recent online core provider assessment, conducted by IBT Apps, revealed that while a majority of bankers are satisfied with their core provider, they’ve reached a plateau in terms of profitability. Although bankers may not be experiencing problems with their core technology, they are also not expanding their product portfolio and, therefore, are open to adding on new offerings. With so many options available in the market, we want to help bankers by sharing a few key technology innovations to consider.
Open Banking is a system where banks use application programming interfaces (APIs) to allow third parties access to the financial information needed to develop new apps and services, which provide customers greater financial transparency options. When a customer requests to view their account balance from inside a banking app, an API is used to retrieve that data and display it to the customer, instantly.
Open Banking can yield many benefits for bankers including streamlining back-office functions, increasing revenue opportunities, and expanding customer reach. Just keep in mind that vendors with true Open Banking must have an open API that allows for adaptability for integrations of your choice. Additionally, there should be security measures in place, so that a customer’s data stays protected.
Online Account Opening
Many banks have been working diligently to leverage digital capabilities that would bode the same customer experience in-person as well as online. Such was the case for our client, First National Bank of Las Animas (FNBLA) who was seeking a platform that allows customers to open new accounts from anywhere.
By partnering with IBT Apps and Alkami Technology, Inc, FNBLA was able to develop an intuitive approach to digital account opening for accounts and send those records directly to the core. The partnership helped accelerate their customer acquisition online, reduced the time and labor to open new accounts, and enhanced their identity verification process.
Reporting features in a core system are often limited to certain data sets, users, and sharing capabilities. Whether your goal is to grow your bank or maintain compliance, you need to ensure your core system includes modern reporting that offers efficient, customizable, and automated reporting at all levels.
IBT Apps offers both a Simple Report Writer and Experts Report Writer for unlimited report building. You get access to 300+ free reports with the capability to run reports your way.
Once you’re ready to explore new options for your bank, talk to your provider about the possibilities and how those will work with your current system. Ask about available integrations, the process of onboarding new ones, and any associated costs. If you encounter any roadblocks, connect with us.
About IBT Apps
IBT Apps is an empowering core partner to community banks nationwide, offering end-to-end core and digital banking solutions that meet today’s customer demands. Developed with an open API integration, their adaptable i2Suite® banking system streamlines operations, controls cost, and mitigates risk. Learn the power of one total solution. Contact us at go.ibtapps.com/connect-with-us