So, you’ve made the decision to look for a new core banking provider … and at this point, you know what you’re looking for on a strategic level. But, how do you find the best provider to meet your bank’s unique needs? Finding the ideal core processing provider starts with assembling the right team to conduct the search.
By assembling a multi-disciplined search team, you can help ensure the core processing choice is a strategic business decision—one that equally balances your technological and financial needs.
Who’s on the Core Banking Team?
The single greatest risk your financial institution runs when assembling a search team is limiting the vision of what you really need by excluding specific players—like back-office operations and front-line staff—from the selection process. You’ll make a stronger decision by taking a holistic approach that’s reflective of the collective voice of your organization. Basically, any department that will be affected by the system change should be represented on the team.
It’s also critical that the individuals on the search committee are the most articulate, knowledgeable individuals in their departments to ensure you get the best insight possible. Plus, by selecting influential top performers, you gain an additional benefit when the chosen system is implemented. Departments are more likely to embrace the change when they were represented in the selection process.
Components of the Core Banking Team
Once the search committee is assembled, make sure to identify the following components:
- A designated leader and a standardized way of sharing individual opinions
- A clear understanding that the ultimate goal is finding the best solution for the bank as a whole, not one or two areas
- Defined objectives for the bank core processor (i.e. what must the core be able to do)
- A thorough understanding of must-haves versus nice-to-haves
To meet these needs, the team should consider the bank’s strategy and vision so they can judge different solutions accordingly. It’s also imperative that the selection team documents the review process, considering both the bank’s financial needs and its technology must-haves.
Funnel Team Findings to the C-Level
After the core banking vendor review process is complete, the search team should share their documented findings with bank’s executive management. Findings from the search team should ensure facts and recommendations from various perspectives are shared and department priorities are considered in the final decision-making process.
For more insight on choosing and implementing the right core solution for your bank, download CSI’s Definitive Guide to Selecting a Core Processing Partner.