A bank’s core software plays a critical role in its success. Here are six ways to gauge your core’s performance.
1. Reliable performance.
A core banking solution should be reliable and stable, capable of handling every accountholder transaction and update. It should be able to consistently support your banking operations while maintaining uninterrupted service.
2. Adapts to your needs.
A core banking solution should prioritize 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, ensuring banks can quickly respond to customer demands, regulatory requirements and technological advancements.
3. Bang for your buck.
A bank’s core is a large expense. When considering a new core vendor, look for an all-inclusive price without any hidden fees. 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. A user-friendly platform allows staff to be more efficient with their daily tasks, saving 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 core solution demonstration, 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 creates a coherent, user friendly experience when serving customers or accessing data.
5. Knowledgeable people behind the product.
The people behind the product are key when seeking out a core solution. Make sure a core vendor understands your needs by asking about the people on the implementation team. Do they understand and care about what you need to be successful? Do they have banking experience? A core solution with a knowledgeable and experienced staff sets your bank up for success.
6. Responsive customer service.
Service is as important as software. If there are service interruptions, a core vendor should immediately address support tickets and look to resolve them as efficiently as possible. Finding a vendor who treats you as a partner is the difference between being a priority or just a number.
Power of partnership
A core vendor should be with you for the long haul. Not just to get you to sign a contract and then leave you to fend for yourselves until it’s time to renew.
When you partner with SHAZAM, you're partnering with a national member-owned organization. That means we don't answer to shareholders; we answer to you.
If you’re looking for a better performing core, contact one of our specialists and change your core experience.