Independent Banker - June 2021 - 22

PORTFOLIO
◎FOCUS CORE ISSUES
Get the most out of
your core relationship
The reality is that most community banks aren't likely to switch to a new
core due to perceived time or cost restraints. That makes leveraging that
existing core relationship all the more important to reaching strategic
goals. Here's how to make the most of this vital relationship, according to
community bankers and core providers. By Katie Kuehner-Hebert
relationship becomes paramount.
While the legacy platforms
developed in the late '80s and
'90s are still suffi cient to run core
operations today, the systems may
need modernizing to support growing
regulatory and customer demands,
says Jackie Herman, chief operating
offi cer at $332 million-asset Flagship
Bank in Wayzata, Minn.
witching core providers can be a
long process, which is one reason
why about three in four community
banks chose to stick with their
existing core provider, according to
ICBA's 2020 Core Processor Survey.
In fact, a third of the banks surveyed
have been with the same provider for
20 years or longer. Bankers report
S
that there are signifi cant hurdles to
switching, including the disruption of
converting and staff time constraints.
That said, community banks that
choose to stay with their existing
core system should evaluate if
their provider can help them
accomplish strategic goals. This is
where strengthening that vendor
" Upgrading the core with additional
innovative options to augment
existing platforms does provide for
integration and fewer vendors to
manage, " she says. " However, we use
our core as a data warehouse and use
add-ons to support the focus of digital
transformation in the front offi ce and
across all customer channels without
a major core upgrade or replacement.
This has kept our expenses down
while giving us fl exibility to meet
changing customer demands. "
More and more community banks
are employing third-party risk
22 Q ICBA Independent Banker Q June 2021
Illustration by Axllll/Getty Images

Independent Banker - June 2021

Table of Contents for the Digital Edition of Independent Banker - June 2021

Table of Contents
Independent Banker - June 2021 - Intro
Independent Banker - June 2021 - Cover1
Independent Banker - June 2021 - Cover2
Independent Banker - June 2021 - Table of Contents
Independent Banker - June 2021 - 2
Independent Banker - June 2021 - 3
Independent Banker - June 2021 - 4
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Independent Banker - June 2021 - Cover3
Independent Banker - June 2021 - Cover4
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