Independent Banker - April 2022 - 27

PORTFOLIO
◎FOCUS TECHNOLOGY
Core conversion:
How to do it right
Making the switch to a new core technology provider can be a daunting
task, since many core relationships last years, if not decades. Faced with
several transitional issues, here's how these community banks gained
support from their new providers to adapt to the change. By Elizabeth Judd
wo years before changing core
processors, Asian Bank began
conducting weekly meetings to
brainstorm attributes its dream
core provider would possess. These
theoretical discussions ranged widely
not only in terms of products and
services but also in terms of employee
participation. The CEO, CFO, chief
lender, chief compliance officer,
T
operation lead, head tellers, branch
managers and HR manager of the
$330 million-asset community bank
participated. In the end, nearly onethird
of employees played an active
role in even the most preliminary
of talks.
" These discussions cemented in
everyone's mind a willingness and
a need for a change, " says James
Wang, president and CEO of Asian
Bank, which is based in Philadelphia.
" Everyone had buy-in and got
to contribute. "
Gone are the days when a CEO or
a gutsy board member chooses a new
core processor and then unveils the
upcoming change to staff. Having
buy-in from employees is now
considered vital to success, especially
since core processor changes happen
infrequently. Asian Bank, for instance,
worked with their previous core
provider for nearly 20 years before
switching in March 2021.
The length of Asian Bank's core
relationship is hardly unique. About
two-thirds of community banks
have maintained a relationship
with the same core processor for
more than five years, and nearly
50% have kept the same vendor for
more than 10 years, according to the
2020 ICBA Community Bank Core
Processing Survey.
independentbanker.org Q 25
Photo by RYosha/iStock

http://www.independentbanker.org

Independent Banker - April 2022

Table of Contents for the Digital Edition of Independent Banker - April 2022

Table of Contents
Independent Banker - April 2022 - Intro
Independent Banker - April 2022 - Cover1
Independent Banker - April 2022 - Cover2
Independent Banker - April 2022 - Table of Contents
Independent Banker - April 2022 - 2
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Independent Banker - April 2022 - Cover3
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