From start to finish: A timeline for choosing and integrating a new core

first_img continue reading » The decision to undergo a core conversion is never taken lightly. And why should it be: it’s an intensive process that requires countless hours and numerous resources. But, when contract renewal rolls around, every bank should perform due diligence to ensure that its core platform supports its long-term objectives. We’ve compiled a comprehensive timeline, complete with questions that facilitate discussions, to help you more easily maneuver through this sometimes-overwhelming decision.Risk vs. RewardAs vital as technology has become to banks’ ability to compete and operate profitably, the prospect of changing core processing solutions can be overwhelming, from a cost and complexity standpoint. But, industry experts agree, putting off a needed system change likely poses more risk than any risk associated with conversion.So, whether your bank has already identified core conversion as an option when renewal rolls around, the first step is to engage your current provider in a candid conversation. If that provider doesn’t meet your minimum requirements or align with your strategy, it’s time to start evaluating others.Indications for a core change include when your current provider: ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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