Selecting A Core Banking System
Choosing a core banking technology product for your bank is an overwhelming process. Not only does the bank have to determine what technology it needs, but it also must weigh the costs associated with changing technology, choose the best vendor to deliver that technology, and make a decision that ultimately will benefit the bank and its customers. L. Michael Wofford, Consultants & Advisors, can help.
Over the past 25 years, we have helped over 225 community banks with our efficient, successful community banking consulting. Using a unique, effective process, we help banks select the right banking technology and vendor for their needs. Through our Core Selection Services, we tap into our in-depth knowledge of the banking industry and the banking technology available to today’s banks, to help our clients make informed decisions.
Here is how our Core Selection Services work:
- First, we gather data through our customized technology questionnaire to help us understand your technology environment, staff, and customers.
- Next, we analyze those results and use them to create a graphic technology schematic that is a key communication tool throughout the process.
- We then chose a selection team, made up of executives and central managers representing all areas of your bank, that will protect your key interests in the process.
- Next, vendors are asked to participate with a Request for Proposal (RFP)
- Then your selection committee and our team of advisors will choose the best three vendors to complete the RFP process.
- The RFP is created with a detailed Needs Analysis.
- Finally, we collect proposals, analyze them, and select the final vendor.
Cost Analysis Saves Money and Frustration
As banks continue to deal with tightening budgets, cost analysis becomes an important factor when choosing a new core technology solution. L. Michael Wofford, Consultants & Advisors, will provide our clients with a thorough cost analysis, measuring against industry benchmarks to ensure that the product chosen is competitively priced and fits within the bank’s budget.
Thorough Analysis Saves Time and Improves Results
Throughout the process, our goal is to keep your needs in mind. We will analyze the systems and interfaces you currently use, consider the needs you foresee in the future, and decide what needs to be updated, replaced, or changed. We will consider factors like:
- Mobile banking and mobile payments
- Internet banking
- Bill pay
- Item processing
- Branch banking
- Lending origination
- Operational efficiency
- Reporting needs
- ATM and EFT processing
Those details will be included in the Needs Analysis on your RFP. This ensures that the final solution we present to you will address all of your needs thoroughly.
If your bank’s technology needs to be upgraded to stay up-to-date with changes in the industry, trust the experienced team of L. Michael Wofford, Consultants & Advisors, to help. Our unique process will efficiently and effectively help you choose the technology vendor that will perfectly meet your needs. Contact us today to get started on your Core Selection process.
