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.
What Led Our Clients to Change Core Providers?
It's 2021, and you've probably been with the same provider for decades. Just like any other relationship, your core may have made a significant effort at the beginning, but the honeymoon period only lasted so long. 5, 10, or even 15 years later, has your core maintained the same level of service? Chances are it hasn't.
For many of our clients the honeymoon period with their core provider was over a long time ago. In our initial discussions with bankers, they typically express their frustrations with their current cores and what led them to start shopping around. We thought we'd share these with you to see if you're experiencing similar pains.
- "Our core said things would be easier, but we're still using multiple systems and logins to get our work done."
- "We paid for security and maintenance, but still suffered two big outages and data loss last year that cost us one big customer."
- "We never look forward to contacting their customer support. They're not responsive and our problems are never a priority."
- "We were in danger of losing our biggest customer and asked our core provider to add a product to our suite. They said it would take two months to deliver and quoted us an outrageous price."
- "It costs so much to maintain all of this technology and equipment and we're not seeing the returns we used to."
- "Our technology is thirty years old and it feels like the shoe is going to drop any time now. We asked our provider if we could do anything to upgrade and they said they were no longer making improvements or updates to the system."
Do any of these sound familiar? If you're experiencing any or all of the above challenges, perhaps you should start looking at alternative providers. There is too much at risk for you to be operating an underperforming core banking system when there are more high-performing, cost-efficient options available.
If you're looking to make a change...
Look for a trusted core provider that has the products and services you need to stay relevant and competitive in the industry, and who is a partner that puts your business first.
In these times, IBT Apps knows you need a provider that can do it all. That's why we offer integrated modern banking technology, including core and digital banking solutions and managed network services, that enable your staff to be more compliant, productive, and deliver faster service. Best of all, our products and services adapt to your bank's needs to help you meet the ongoing customer demand and changing environment.
Banking technology is our bread and butter, but our partnership is what sets us apart in the industry. We provide the service and support your bank needs to navigate and respond to the ups and downs of the climate. Trust. Reliability. Adaptability. Longevity. That's what you can expect from us.