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Core System Selection

Guidance, best practices, and tools to ensure a smooth core conversion and sizeable ROI for your organization.

Phase One: As Is & Desired States

With the use of our proprietary questionnaires, we gain a high-level view of the “as is state” of your current technology. Using the completed questionnaires as a baseline, we conduct on-site executive and department interviews to obtain a more detailed understanding of your organization. Taking what we have learned, we are able to pinpoint your “desired state.” This information is then documented in a request for proposal to go to selected vendors.

Phase Two: Vendor Selection

We will recommend several vendors (typically 3 to 5) that best fit with your “desired state” based upon our knowledge of their current capabilities. These vendors are asked to respond to the RFP that we develop and is used to narrow down to the finalists (typically 2) who will be asked to demonstrate their capabilities at your location. Following the demonstrations, we recommend that a select number of your staff visit financial institutions of similar size and structure that are using the favored vendor(s) as further due diligence. Our advisors will then facilitate a meeting with your team to select the vendor of choice based on what you have learned throughout this process.

Phase Three: Contract Negotiations

Our staff has experience in negotiating hundreds of contracts including both the service levels and fees.

Phase Four: Implementation

As an option we can provide project management for the installation of the new system to aid in keeping the selected vendor on task for a smoother conversion.

Phase Five: Confirmation

Following the conversion, we can review the contract and compare it to what has been delivered to ensure that everything was completed by the vendor as promised. We will also review invoices to verify the accuracy of their billing.

ABA Study: Banks Not Satisfied with Core

The survey found that just 47% of banks were extremely or very satisfied with their providers, down from 59% in 2020. Forty-two percent of banks were dissatisfied with their providers, with that percentage rising to 62% of banks using at least one of the three main providers.

Economic Trends Hasten Transition to Digitization in Banking

The paradoxical combination of a tight job market and a looming recession is prompting financial institutions to deploy digital technologies to reduce labor costs, improve worker productivity and do more with less. Many banks have identified digital solutions as the way to stay competitive and grow.

Digital banking in 2022: Trends and statistics

The rise of digital banking has coincided with a decline in the presence of traditional banks, which have faced a loss of 9 percent of all branches across the country in the past four years.

What the Data-Driven Bank of the Future Looks Like

Banks have not effectively put the customer data they possess to work, much less the external data customers are also willing to share. With open banking redefining the entire financial landscape, failure to tap the power of data will become a competitive drag.

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