7. Tight Integration of All Banking Systems A cohesive core banking platform allows for easy data transfer that reduces expenses, opens accounts faster and enables the ability to launch new products more affordably. It also improves the overall user experience by making each component piece — even if it was added later or by a different vendor — fit into the technological puzzle without feeling tacked on or behaving like a disparate, siloed system. The standard of integration relates closely to the user experience, as it can help eliminate redundant processes and offer a more seamless feel. Tight integration also encompasses the digital experience — meaning the bank’s digital experience on a phone should mirror that on a laptop or tablet. 8. Core Vendor Support and Expertise Finally, the reputation and service offered by the core banking platform vendor are vital considerations for banks. While system functionality is vital in vetting the provider, the decision often comes down to which vendor will make the best partner, both in innovation strategy and culture. To understand whether the technology provider is a good fit, bankers often assess their industry reputations, the quality of interactions and how they answer questions. It’s also worthwhile for many to follow up with as many references as possible and ask other bankers’ opinions at networking events. Bankers also emphasize the importance of reliable technological implementations. They expect products to be fully ready for use, avoiding delays and ensuring a successful rollout that meets the needs of their customer base. Banks also require reliable assistance and dedicated personnel who can address their concerns reliably and proactively. SEARCHING FOR THE RIGHT CORE BANKING PLATFORM By carefully evaluating core banking technology, banks can empower themselves to thrive in the digital age while delivering exceptional customer service and creating a lasting partnership with their technology provider. Check out CSI’s “Definitive Guide to a Modern Core Banking Partnership” for a deep dive into the topic. Jason Young serves as CSI’s senior director of enterprise banking. CURRENCY | 9
RkJQdWJsaXNoZXIy MTg3NDExNQ==