efficiencies like streamlined onboarding can also bolster the bottom line by helping customers open accounts and spend money from them faster. 3. Core Banking Platform Customization and Ease of Use Bankers look for banking functions to reliably fit together and interact cohesively. The core platform should be easily navigable with search functionality, easy-to-decipher data, readily available tutorials and reliable service representatives who assist with the platform as needed. On the vendor side, a thoughtful adherence to UX design principles can go a long way. Bankers often praise platforms with an aesthetic appeal, a natural hierarchy, 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 third-party 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. 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 our “Definitive Guide to a Modern Core Banking Partnership” by scanning the QR code for a deep dive into the topic. https://www.csiweb.com/what-toknow/content-hub/whitepapers/ definitive-guide-modern-core-bankingpartnership/ INDEPENDENT REPORT | 15
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