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Six Ways to Gauge Your Core's Performance

posted on Monday, October 9, 2023 in SHAZAM Blog

Your core is a major investment for your financial institution. A strong core helps your financial institution compete. If your core no longer keeps up with your bank’s needs, here are six things to consider to help you run with the big dogs.

1. Reliable performance.

Money makes the world go round, and at the center of it all is your core. The software plays a critical role in processing your bank’s transactions, day in and day out.

Competitive institutions have a core banking solution that’s reliable and stable, capable of handling every accountholder transaction and update. That means it should be able to consistently support your banking operations, including customer onboarding, account management, deposits, loans, payments and reporting — all while maintaining uninterrupted service.

2. Adapts to your needs.

Your bank is unique, and your core should reflect that. Competitive institutions have a core banking solution that prioritizes applications that best fit your needs.

Avoid a provider who forces you to use their systems exclusively. Instead, opt for a core vendor who allows real-time API integrations. Extensive API catalogs and support for third-party technology integrations enable institutions to stay adaptable. This type of agility ensures banks can quickly respond to customer demands, regulatory requirements and technological advancements. Not only does this help your bank stay competitive, but it also shows how invested a core vendor is in helping you succeed.

3. Bang for your buck.

A bank’s core is a large expense. Competitive institutions look for an all-inclusive price that doesn’t have hidden fees. When considering a new core vendor, check to see what’s included. Ask whether you’ll face additional charges for:

Additional accountholders, transactions or data usage.
Requests for support, service or reporting an additional line item for you.
Easy access to support material, training or user guides.

Additionally, look for a core vendor who offers your bank cost-saving solutions.

4. Easy to use.

Expenses are not the only costs to consider with a new core. How the core banking system is used often depends on the financial institution and can vary depending on who’s using it.

Competitive institutions have a user-friendly platform that allows staff to be more efficient with their daily tasks. That saves you time and money.
The core platform should be easily navigable with search functionality, data representation, readily available documentation and service representatives to assist with the platform as needed.

During a vendor’s demonstration of their core solution, pay attention to how the pages are designed. Ensure pages are easy to digest with concise language and accessibility features. Additionally, look for consistency in the user interface. A well-designed interface helps create a coherent, user friendly experience when serving customers or accessing data.

Your bank can gain an extra advantage by ensuring all your teams are represented in the decision-making process. Considering multiple perspectives can help you figure out if the core system is easy to navigate and whether it can reduce the steps needed to perform daily tasks. If your staff feels a core solution is easy to use, they can work more efficiently and spend more time with customers.

5. Knowledgeable people behind the product.

The people behind the product are key when seeking out a core solution. Signing a new contract means you’ll be in a multi-year partnership with your core provider.

Competitive institutions seek out a vendor who understands their needs. Ask about the people on the implementation team. Do they understand and care about what you need to be successful? Do they have banking experience? A core solution with a knowledgeable and experienced staff sets your bank up for success.

6. Responsive customer service.

Service is as important as software. It shouldn’t feel like a constant battle for you to be heard.

Competitive institutions have a dependable partner in their corner. If there are service interruptions, a core vendor should immediately address support tickets and look to resolve them as promptly and effectively as possible. Finding a vendor who treats you as a partner is the difference between being a priority or just a number.

Consider a vendor who listens to your feedback and uses it to drive product innovation and prioritize their technology resources.

Power of partnership

A core vendor should be with you for the long haul. Not just to get you to sign a contract and then leave you to fend for yourselves until it’s time to renew. A good relationship goes a long way in ensuring your bank reaches its financial goals.

When you partner with SHAZAM, you're partnering with a national member-owned organization. That means we don't answer to shareholders; we answer to you. We're here to save financial institutions money and reinvest in your success.

If you’re looking to be more competitive, contact your regional director or one of our specialists and change your core experience.

SHAZAM, Inc. and ITS, Inc. provide this blog for general informational purposes only. Our blog may be shared by a direct link wherein the content remains as originally presented and has not been altered. SHAZAM, Inc. and ITS, Inc. assume no responsibility for errors or omissions in the contents on the blog. By using this blog, reader agrees that the information published does not constitute nor is a substitute for legal advice which should only be sought from a qualified, licensed attorney.