A Trusted Core Banking Partner – It’s a phrase that’s thrown around in advertising and at times overused. It sounds great and is similar to when a business calls themselves “family,” but what does it really mean to say, “We’re a trusted core partner.”?
In this article, we discuss the characteristics of a core partner compared to that of a core vendor. As a bank, if you pride yourself on customer service, it should be no different to have the same relationship with a core provider, except you're the customer in this instance. You should be served how you serve your community.
Digitization, automation, API banking are just some of the innovative technologies trending in the industry. A trusted core partner doesn’t offer an off-the-shelf product with a short life span. They are constantly developing, updating, and proactively troubleshooting their technology, so it stays current with the landscape and is protected from today’s bad actors.
The pandemic sent the market into a digital shift. Suddenly, modern technology solutions that had been deprioritized were given serious thought. If a bank’s core technology could adapt to changing conditions like these and easily integrate or add-on digital products to its infrastructure, it had a chance at survival. Is your technology adaptable? It’s not just about adjusting to industry changes; if you have new goals for growth, your core needs to be able to accommodate your changing business needs.
Any core provider can tell you they’ll offer your business technology products that fit your needs and goals, but being service based goes way beyond that. You should know they’re a true core partner even before you sign an agreement. During initial discussions, they would ensure you meet the team behind the conversion; they would be transparent about their contract; and instead of focusing on just the transaction, they would ensure you’re comfortable with the level of training support and delivery logistics.
Even the best core partners may not have every solution in-house needed for your bank’s success. However, they do have the trusted relationships in the industry to direct you to third-party product providers that will align with your goals and deliver solutions that meet and exceed your expectations.
More importantly, a true core partner will ensure you work with a third-party provider that can integrate their products seamlessly with your current system. If it won't be seamless, they will be transparent about cost and delivery time.
Even before signing a contract, your core partner should be showing responsiveness and attentiveness. If they can satisfy your requests during your due diligence process, that’s the first sign of a successful core partnership. Thereafter, any support you need, whether it’s additional training or troubleshooting technical issues, they should be able to respond within one business day. A vendor that takes days to respond, or worse yet, has a lack of response is not a true core partner.
There are a multitude of rules and regulations that community bankers need to know to keep their bank operations and technology compliant. A trusted core partner is well-versed and has the measures in place to secure bank operations, protect customer data, and avoid compliance errors. Services such as regular performance monitoring, data backup procedures, and routine security updates proactively protect your bank from natural disasters and cyberattacks, minimizing service disruptions and preventing data loss.
Knowing all of the characteristics above, you should ask yourself if the relationship with your provider is more of a partnership or just a transaction. If it’s transactional, does that work for your business? If so, then great; we wish you the best. But if not, then you have to also ask yourself if you’re willing to continue being in a disappointing relationship. And if not, we’re here for you. IBT Apps knows you need a trusted core partner that can do it all. We offer integrated modern banking technology, including core, digital banking, and account origination solutions that enable your staff to be more compliant, productive, and help deliver exceptional service. But more than just technology, our business prides itself on quality service and support. See what we have to offer and learn what it’s like to have someone in your corner.
Not sure if you’re ready to change providers?
Take our online core assessment to see if your core is doing everything they should to help grow your business. This 5-minute assessment is divided into four different areas of service that your provider should be mastering. Answer the questions as best you can and get instant results delivered to your inbox.