ABA Banking Journal - July 2011 - (Page 19)

tech topics    |   core systems Replace the core? More say “yes” Regulatory, demographic, and strategic plan changes argue for an upgrade. Banks and vendors offer suggestions By JOhN GINOvsKy, cONtRIBUtING edItOR U nlike the situation for many banks, the decision for Lake City Bank to completely replace its core system was easy. Its core vendor of 27 years announced that it was discontinuing the particular product the bank used. “We had no choice but to consider what our next step would be,” says David Findlay, president of the $2.7 billion-assets bank in Warsaw, Ind. Nevertheless, he adds, “We looked on it as an opportunity to step back from our core operating platform and determine what we really liked about it, where there were challenges in the platform, and what we thought the future is going to hold in terms of requirements of us as a service provider for our customers.” Many other banks, of all sizes, are starting to take that step back and re-evaluate their core systems. These include BBVA Compass, a $64 billion-assets bank in Birmingham, Ala., and Hudson Valley Bank, Yonkers, N.Y., with $2.6 billion in assets. That’s not too surprising. Research last year by Celent Inc., indicates that 23% of banks consider their core systems dated and uncompetitive, while 17% say they are highJuly 2011 | ABA BANKING JOURNAL | 19

Table of Contents for the Digital Edition of ABA Banking Journal - July 2011

ABA Banking Journal - July 2011
Contents
Chairman’s View
Editor’s Column
Bank Notes
The Economy
Inside family banks
Pass the Aspirin
Tech Topics
New gold standard?
Still on their guard
Compliance Clinic
Compliance Inbox
ABA Resources
First Person: Special Edition

ABA Banking Journal - July 2011

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