Author: Charlie Kelly, Remedy Consulting
A neural model built by the team from FI Navigator, a provider of vertical analytics that delivers decision clarity to financial institution executives and the FinTech advisors that serve them, predicts that a fairly sizeable number of core banks are not on the core predicted by the model as the “best fit” or even the “next best fit” for their bank’s operation.
This paper looks at the results of that study and what it might mean for a bank to improve its core system to a “best fit”. A change in core systems is often disruptive and costly, so we review some of the costs associated with changing core systems. Finally, we provide some insight into what might be gained by choosing a better core system to overcome those initial costs of change.
This whitepaper aims to provide thought leadership on how community bank CEOs might look at the decision to keep or change core systems. We look at the financial performance of the customers of different core systems to try to determine if there is strong enough evidence that the core you choose correlates to how well you perform.
Cornerstone Bank thanks Remedy Consulting as a strategic partner in core contract negotiation. Brian, Project Manager, streamlined the process of our core vendor renewal and advised us as to the new technologies that we could continue/implement and still receive a cost reduction on our five-year contract. We are happy to highly recommend Brian and the Remedy Team.
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Cornerstone Bank, Overland Park, KS
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Dairy State Bank, Rice Lake, WI
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Mutual Savings Association, Leavenworth, KS
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RSNB Bank, Rock Springs, WY
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Bank of Monticello