Independent Banker - April 2023 - 60

ADVERTORIAL SPOTLIGHT
Guest Experts:
Core Technology
Best practices for a successful core transformation
CHALLENGE: From time and cost management to stakeholder and change management, a full core transformation comes
with its set of challenges. And it's because of these challenges that bankers are skeptical and rarely eager to make the
investment to replace their core systems.
SOLUTION: Bankers can embrace modern core technology and overcome issues that may arise during the transformation
process by following a few best practices to help ease the angst and have a successful core transformation.
While core transformations have
evolved tremendously over the years,
they can still be quite painful for a
bank. If the financial investment and
time commitment aren't enough to
grimace at, bankers often worry that
Murphy's Law may strike during the
actual transformation process and
impact business operations.
But it doesn't have to be this way.
Steps can be taken proactively to ease
the process and prevent a negative
outcome. In this article, we provide a
few best practices to help banks shift
their mindset and look forward to
having a successful transformation.
First, have honest conversations
with your provider. Whether
you're working with your current
provider or partnering with a new
one, make sure that you have honest
conversations about costs (including
any deconversion fees), the conversion
timeline, online and onsite training
options for your team, and the
transformation process.
The IBT Apps Approach
WHETHER IT'S NEXT YEAR OR IN
10 YEARS, REPLACING THE BANK'S
CORE SYSTEM IS INEVITABLE. IT
JUST SHOULDN'T HAVE TO BE A
HEADACHE.
Treat the core transformation as
an organizational transformation.
Involve your bank staff in the decisionmaking
process as they will be using
the new platform; having their input
and buy-in up front will help when
developing new processes. If you have
multiple branches, consider appointing
key staff members from each location
who can represent every department.
Start cleaning up data to prepare
for migration, which includes
having a clean set of customer
accounts. Focus on eliminating
duplicates and reduce dormant or
inactive accounts where regulation
allows.
Ensure any desired legacy products
can be integrated into the new
system. It's often underestimated how
long it can take to integrate legacy
products with a new core system.
Make sure expectations are set up
front, so you avoid disruptions, delays,
and other surprises during conversion.
Thinking about a full core
transformation can be overwhelming,
which is why it's critical to have a
trusted partner who equips you with
an affordable core solution that meets
the goals of your bank.
At IBT Apps, we lead with our
partnership and offer a truly innovative
core system that works for your
business. Our adaptable i2SuiteĀ®
core platform provides multiple
benefits, including an intuitive user
experience, increased ROI, and
improved compliance. When you're
ready to explore a new option for your
bank, connect with us and learn how
to move your business forward with a
modern core provider.
Want to learn more about full core
transformations and if they're really
worth the investment? Download
our free ebook at go.ibtapps.com/
full-core-transformation-guide
Phil Layher
Director of Business Development
Phil.layher@ibtapps.com
512-616-1188
www.ibtapps.com
http://go.ibtapps.com/full-core-transformation-guide http://go.ibtapps.com/full-core-transformation-guide http://www.ibtapps.com

Independent Banker - April 2023

Table of Contents for the Digital Edition of Independent Banker - April 2023

Independent Banker - April 2023 - Cover1
Independent Banker - April 2023 - Cover2
Independent Banker - April 2023 - 1
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Independent Banker - April 2023 - 24A
Independent Banker - April 2023 - 24B
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Independent Banker - April 2023 - Cover3
Independent Banker - April 2023 - Cover4
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