SIX WAYS TO GAUGE YOUR CORE’S PERFORMANCE BY SHAZAM Your core is a major investment for your financial institution. A strong core helps your financial institution compete. If your core no longer keeps up with your bank’s needs, here are six things to consider to help you run with the big dogs: 1. Reliable Performance Money makes the world go round, and at the center of it all is your core. The software plays a critical role in processing your bank’s transactions, day in and day out. Competitive institutions have a core banking solution that’s reliable and stable, capable of handling every accountholder transaction and update. That means it should be able to consistently support your banking operations, including customer onboarding, account management, deposits, loans, payments and reporting — all while maintaining uninterrupted service. 2. Adapts to Your Needs Your bank is unique, and your core should reflect that. Competitive institutions have a core banking solution that prioritizes applications that best fit your needs. Avoid a provider who forces you to use their systems exclusively. Instead, opt for a core vendor who allows real-time API integrations. Extensive API catalogs and support for third-party technology integrations enable institutions to stay adaptable. This type of agility ensures banks can quickly respond to customer demands, regulatory requirements and technological advancements. Not only does this help your bank stay competitive, but it also shows how invested a core vendor is in helping you succeed. 3. Bang for Your Buck A bank’s core is a large expense. Competitive institutions look for an all-inclusive price that doesn’t have hidden fees. When considering a new core GUEST ARTICLE vendor, check to see what’s included. Ask whether you’ll face additional charges for: • Additional accountholders, transactions or data usage. • Requests for support, service or reporting an additional line item for you. • Easy access to support material, training or user guides. Additionally, look for a core vendor who offers your bank cost-saving solutions. 4. Easy to Use Expenses are not the only costs to consider with a new core. How the core banking system is used often depends on the financial institution and can vary depending on who’s using it. Competitive institutions have a user-friendly platform that allows staff to be more efficient with their daily tasks. That saves you time and money. The core platform should be easily navigable with search functionality, data representation, readily available documentation and service representatives to assist with the platform as needed. During a vendor’s demonstration of their core solution, pay attention to how the pages are designed. Ensure pages are easy to digest with concise language and accessibility features. Additionally, look for consistency in the user interface. A well-designed interface helps create a coherent, user-friendly experience when serving customers or accessing data. Your bank can gain an extra advantage by ensuring all your teams are represented in the decision-making process. Considering multiple perspectives can help you figure out if the core system is easy to navigate and whether it can reduce the steps needed to perform daily tasks. If your staff feels a core solution is easy to use, they can work more efficiently and spend more time with customers. 26 Community Banker
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