Washington, D.C (Jan. 24, 2018)—The Independent Community Bankers of America® (ICBA) today released its Core Processor Resource Guide and related best practices for community banks and their core processors. The resources are aimed at helping community banks understand important aspects of managing the core processor relationship to maximize the return on their technology investments. The best practices, combined with the core processor best practices, are designed to create a successful strategic relationship for community banks and their core processors.
“A community bank’s core processor should be a strategic partner that supports the bank’s long-term business objectives,” ICBA President and CEO Camden R. Fine said. “As ICBA fulfills its mission to create and promote an environment where community banks flourish, we realize that the community bank-core processor relationship is critical for community banks’ success. That’s why ICBA is expanding its offerings and outreach to include this relationship. We will continue the ongoing engagement and dialogue with community bankers and core processors to ensure community banks’ unique business needs are being addressed.”
Included in the ICBA Core Processor Resource Guide are recommended steps that community banks should take to manage their core processor, including:
- assessing their business needs and utilization of current systems,
- gauging satisfaction with the current core processor relationship,
- determining whether to change core processors or stay with the current processor,
- conducting due diligence, and
- evaluating core processor alternatives (including innovation, compliance, and legacy vs. next-generation providers).
The guide also offers community bankers insights into negotiating contracts as well as information about core conversion project management for those that decide to switch systems.
“I’ve had many opportunities over the course of my career to evaluate core processors and their systems—the challenge is real,” said Scott Heitkamp, ICBA chairman and president and CEO of ValueBank Texas in Corpus Christi. “Given the complexities involved with such costly and business-critical choices, I’m pleased that ICBA is giving community bankers a roadmap for making the most of their core processor relationship and going beyond the status quo to fully explore all the options available to them.”
ICBA encourages all community bank members to download free copies of the ICBA Core Processor Resource Guide and Best Practices today.
The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.