Banks and credit unions are under immense pressure to modernize their core banking technology, especially considering digitization and the added competition from neobanks and non-banks. Since selecting technology to run your financial institution is one of the most strategic decisions your organization will face, consider the following factors when assessing your core banking system:
- Has the technology remained relevant and competitive?
- Is the design and user experience intuitive for customers and employees?
- Have costs scaled with organizational growth?
- Do you have access to the data you need to manage and grow your organization?
- Can you easily integrate to third party applications?
Creating A Core Banking System Strategy
If you’ve answered no to any of the above, it’s time to create a strategy to modernize your technological capabilities. There are many options, including comprehensive core banking system replacements, modernization strategies, and parallel technology stacks to drive a competitive advantage.
Choosing the right solution requires an organized approach that includes assessing business process, analyzing key requirements, screening vendors, organizing demonstrations, deciding on the product, and negotiating the final software agreement.
The process of replacing existing technology or integrating new technology can be complex, requiring considerable planning and coordination. Failing to recognize risks during the process can negatively impact both employees and customers.
Select A New Core Banking System With Hartman
Hartman’s team of IT consultants has decades of experience working with core banking and FinTech providers to help you navigate this process. Our industry expertise, strategic leadership, and fierce independence uniquely positions us as strategic partner to help you achieve your business goals.
Contact us today to find out more about our IT consulting services for financial institutions.
