Factors for switching technologies include cost, satisfaction with their existing technology suites or a cultural mismatch with their provider. straightforward language and accessibility. Overall, they look for consistency throughout the platform to create a coherent, straightforward experience when serving customers or accessing their data. 4. The Reliability and Stability of the Core Platform Given the stakes of employee demands and increasing competition, banks require a core banking platform that is reliable and stable. It should be capable of handling high transaction volumes and processing requests accurately and efficiently while maintaining uninterrupted service availability. If there are service interruptions, those support tickets should be resolved as promptly and effectively as possible. For that reason, many banks ask questions in the determination phase about how many support tickets a technology logs in a given week and how long it takes to resolve them. Further, a solid platform should have stringent security measures, including data encryption, access controls, audit trails and compliance with regulatory standards. 5. The Quality and Accessibility of Bank Data and Analytics Easy access to core data represents a massive advantage for a growing bank. Bank data and analytics offer insight into customer behaviors, performance indicators and regulatory reporting requirements. Accessing and querying core data should easily enable banks to identify opportunities for growth and relationship extension. As such, these banks look for robust reporting tools, account analysis and data-driven insight into customer profitability. Customer relationship management (CRM) is one such data source that offers efficiencies, as it enables bankers to track behaviors and transactions across the system on the customer level. Many banks also look for insight into overall profitability and net interest margin, as well as narrow performance analysis of branches and officers. 6. The Core’s Scalability and Flexibility Most institutions seek out a core platform that supports growth and can scale accordingly. This includes accommodating increased transaction volumes, additional branches and new products or services. While there are similarities across the board, every bank also has unique business processes and customer needs. Extensive API catalogs and support for thirdparty technology integrations assist in that pursuit and enable institutions to stay adaptable, even if the core provider doesn’t have the exact solution the institution needs. The resulting agility ensures that banks can quickly respond to market demands, regulatory requirements and technological advancements. 8 | CURRENCY
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