Six ways financial institutions can prepare to better connect with customers who are nearly all digital-first now.
With a potential outlay of several million dollars, a core system decision may well represent the most significant strategic and financial investment your institution will make in the next five years. Unfortunately, many financial institutions find themselves victims of the three major roadblocks that stand between their organization and a successful system selection.
Cornerstone’s hands-on experience from more than 125 core and ancillary system selection and contract negotiation engagements has enabled us to build a proven methodology to assist you in choosing a solution that closely matches your institution’s strategic technology vision.
Our skilled professionals help you sift through the hype and choose a vendor that fits your needs and your budget. These are the steps that make up a Cornerstone System Selection:
–Needs Assessment – A Needs Assessment documents your strategic and technology needs, identifies existing gaps in your system’s ability to help you achieve those goals, and begins the process for filling those gaps.
–Request for Proposal – Cornerstone customizes your RFP to make it most relative to your stated needs.
Demos – A manageable number of scripted system demonstrations keeps the process on target and enables you to make apples-to-apples system comparisons.
Summary Report – A summary report documents the thorough process you have undertaken and lends credibility to your decision before your board, auditors and regulators.
Contract Negotiation – Cornerstone has negotiated contracts with virtually every major technology vendor in the industry and can ensure you the best possible advantage.
Continually emerging payment technologies keep financial institutions struggling to be at the forefront of their market. Join Cornerstone’s Payments Experts for 2-full days of learning this cutting-edge environment and how to keep your FI ahead of the game.