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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.
John Doull, President
Cornerstone Bank, Overland Park, KS
Our organization was engaged in a negotiation with our core provider for a contract renewal. Although we were already well into the process, I made the decision to hire Remedy because I felt the negotiations were taking too long and consuming too much of my management team's time.
Josh Hoppes, CEO
Mutual Savings Association, Leavenworth, KS
We wanted to ensure our pricing and contract terms were in line with those of other financial institutions. Remedy had the tools and knowledge to help us out. The process, from beginning to end, lasted about 4 months. Remedy took care of all the negotiations and simply kept us apprised of where the negotiations were at and how they were going.
Ben Hansen, CEO
RSNB Bank, Rock Springs, WY
Remedy Consulting was able to achieve much more than our expectations during our core contract negotiation including significantly lower rates and contract language that much more favorable to the bank. We were extremely impressed with the project management and professionalism shown by the Remedy Team. Highly recommended.
Walker Jordan, President
Bank of Monticello
After completing one renewal on your own, it was evident that market pricing information was necessary for an effective negotiation. Remedy was able to provide that plus other contract information that made for a positive renewal. Remedy was able to achieve more than our expectations, including significantly lower rates.
Amy Johnson, COO
Dairy State Bank, Rice Lake, WI