Register now for CX22 in Music City! Investor Relations Careers Contact Us. Written By. Topics Core Bank Processing. Flexibility and Configurability Effective institutions require an enterprise core solution they can tailor to their unique needs without time-consuming, expensive, difficult-to-manage customizations.
Here are some questions to ask to ensure your core technology has ample flexibility: Can the solution be configured easily, or does that require a professional services team? Will you give us examples of how other banks have configured the solution or made it their own without engaging outside services? What APIs, if any, have you built for use with the core system? How does the core system integrate with the software and systems we currently use?
To assess the data capabilities a core bank processor will offer, be sure to ask: Does the CRM offer the ability to add relationship data? Can you view the information by household as well as individual account holder? Can you easily push out customer data and targeted offers to your front-line staff? Can you easily segment your customers for focused marketing? Does the core solution provide the tools you need to create a customer-centric culture at your institution? Does the core system provide a centralized customer view?
Ease of Use Your core solution should be simple to navigate, so your employees can work more efficiently and focus more on the customer. You can evaluate usability by asking: What makes the core system easy to use?
How fast can new employees typically be trained on the core? Is the core system as intuitive from a system administrator perspective and, if so, why? Modern Technology Platform A more agile, open banking architecture supports a digital-first customer experience. Have your IT expert ask: Can you view the whole banking relationship with a single login? How often do you implement platform upgrades?
Ask questions like: How does your internal compliance team stay on top of new regulations in banking? What kind of alerts or workflow enhancements are built into the system to ensure compliance?
Security Cyberattacks are an increasingly common threat for all financial institutions, as high-profile breaches steal data and headlines more often each day. What sort of backup and business continuity do you offer?
How experienced is your security team and what are their credentials? Open Cloud-Based Platform A cloud-based core presents numerous benefits that better position your institution. Consider asking the following: Does the cloud-based core meet our compliance requirements?
How much support can we expect from the core provider? How does the specific public cloud align with our existing systems? Some questions to ask include: Is your core system designed to facilitate remote work for employees? What does the process for transitioning from on-site to remote work look like? Systems Development and Change Management. Network Security. Evaluation of Controls in Operating System. Evaluation of Controls in Internet Banking. Evaluation of Controls and Audit of Branches.
Review of System Logs. Audit Tools. Instances of Frauds, Its Causes and Controls. Download Sample PDF. Security Analysis And Portfolio Management. Ebook Days. Important Questions in Accounts. Strategic Financial Management. Costing Formulas. Costing Theory Notes-I. Cost Management Concepts. Company Law. Company Law Objective Questions.
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