Independent Banker - August 2019 - 56
" If it's not going to ...
help you differentiate,
it's just another bell
and whistle. "
-Kathy Strasser,
as many banks would like. " That really varies from
vendor to vendor and from bank to bank in terms of the
enhancements that they are looking for, " says Christine
Barry, research director for Aite Group's Wholesale
Banking practice.
Meanwhile, as banks work through these challenges,
there are startups looking to divert business from the
River Valley Bank/
IncredibleBank
another fi ntech provider several years ago that he was
interested in doing business with, but he is still waiting
for the fi ntech's product to be available on his bank's
core system.
Indeed, the time it takes for core providers to roll
out various technologies to community banks can
vary widely-and it's not always as fast of a process
traditional core providers.
" Added competition in this area is good, as it makes
the incumbents have to make solution improvements
to do more for community banks, " says Kevin Tweddle,
chief operating offi cer of ICBA Services Network. It
forces core providers " to be more responsive and more
innovative, " he says.
Cheryl Winokur Munk is a writer in New Jersey.
Free resource for members
How to get more from your core
Here's some advice on how community banks can
work with their cores to find solutions that fit their
business needs.
Don't be afraid to ask
Stephen Jaquish, senior vice president and director
of technology at Wilson Bank & Trust in Lebanon,
Tenn., urges banks to speak up for what they want-
even if it may seem beyond their reach. " If you don't
ask, you're not going to get it, " he says. " What can
they say-no? Well, that's where you are today. "
Consider the costs
Community banks need to be prepared to pay
more for what they're looking for. Nothing is
free, but the long-term benefits from adding
certain technologies may easily outweigh the
implementation costs. Make sure you aren't being
penny-wise, pound-foolish, community bankers say.
Maintain
continuous
open
Last year, ICBA released its Core
Processor Resource Guide and
related best practices, which
are designed to help community
banks understand how to manage
the core processor relationship
to maximize the return on their
technology investments. To read it,
visit icba.org/advocacy/reports
dialogue
You can't
just tell your core you want something and then
set it aside, says Jaquish, whose bank hosts onsite
quarterly meetings with Jack Henry, its core provider.
Rather, banks have to push their cores, through
ongoing conversations, to provide the services they
desire. " It's the squeaky wheel, " he says.
56 Q ICBA Independent Banker Q August 2019
http://www.icba.org/advocacy/reports
Independent Banker - August 2019
Table of Contents for the Digital Edition of Independent Banker - August 2019
Table of Contents
Independent Banker - August 2019 - Intro
Independent Banker - August 2019 - Cover1
Independent Banker - August 2019 - Cover2
Independent Banker - August 2019 - Table of Contents
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Independent Banker - August 2019 - Cover3
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