{"id":12169,"date":"2025-03-22T06:30:33","date_gmt":"2025-03-22T06:30:33","guid":{"rendered":"https:\/\/finderica.com\/?p=12169"},"modified":"2025-03-22T06:30:33","modified_gmt":"2025-03-22T06:30:33","slug":"aba-survey-says-bank-core-satisfaction-varies","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=12169","title":{"rendered":"ABA survey says bank core satisfaction varies"},"content":{"rendered":"
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Bank satisfaction with their core technology providers is on the rise, but only slowly, suggesting institutions are having trouble finding the right fit, according to the American Bankers Association.\u00a0<\/p>\n

Banks have indicated that their primary nonpolicy concern is their relationship with their core providers, according to new ABA research.\u00a0<\/p>\n

Core providers are critical to a bank’s ability to deploy modern, innovative tools.<\/p>\n

“Bankers report a wide dispersion of satisfaction with, and effectiveness of, core providers and individual core solutions,” the ABA report said. “The range of satisfaction scores, even within individual providers, reinforces the conclusion of the 2022 survey<\/u><\/a><\/ps-link> that ‘every bank leader must ensure their current technology strategy aligns with their bank strategy.’ In other words, bankers should not pursue the ‘best’ core, but rather the one that is best for their institution.”<\/p>\n

American Banker analyzed the numbers in the 2024 ABA report, and here are the highlights:<\/p>\n

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The member-owned core platform provider COCC, based in Connecticut, received the highest average satisfaction rating across the board from surveyed banks.<\/p>\n

“Community banks and credit unions need more than just a core provider \u2014 they need a true partner invested in their success,” said COCC President and CEO Richard A. Leone in a statement responding to the ABA survey results. “Our clients have always been the heart of our story and the ones who drive our mission. These results validate our commitment to delivering premier technology, outstanding support, and the flexibility that financial institutions need to compete and grow.”<\/p>\n

Tyler Brown, a senior research analyst with the bank consulting firm CCG Catalyst, said in an insights report<\/u><\/a><\/ps-link> analyzing the ABA survey that some of the survey’s results “read like reminders for bankers as they evaluate their core’s abilities.”<\/p>\n

“As core contracts come up for renewal, bankers should think beyond the ‘here and now’ of the core and core provider \u2014 foundational functionality and customer service \u2014 to the capabilities they need to execute a technology strategy that supports a competitive business strategy. It’s important for bankers to remember that the technology picture is bigger than what comes out of the box,” Brown said.<\/p>\n

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As differences between core providers become more prominent, banks should determine whether or not their provider is fully meeting their specific needs, according to Brown.\u00a0<\/p>\n

“Core vendors have moved, albeit slowly, to address many banks’ desires to change more quickly, use the data they have, and differentiate their products and services,” Brown said. “Incremental changes to a core or the rest of the technology stack may feel comfortable to risk-averse institutions, but that movement may not be enough, quickly enough, to meet forward-thinking banks’ desires. The answer could be a major technology project, up to or including a new abstraction layer or core.”<\/p>\n

Read the full ABA 2024 Core Platform Survey report here<\/u><\/a><\/ps-link>.<\/p>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Pabis Stanislaw\/Getty Images Bank satisfaction with their core technology providers is on the rise, but only slowly, suggesting institutions are having trouble finding the right fit, according to the American Bankers Association.\u00a0 Banks have indicated that their primary nonpolicy concern is their relationship with their core providers, according to new ABA research.\u00a0 Core providers are<\/p>\n","protected":false},"author":1,"featured_media":12170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[5022,136,5023,5024,171,5025],"class_list":{"0":"post-12169","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-aba","9":"tag-bank","10":"tag-core","11":"tag-satisfaction","12":"tag-survey","13":"tag-varies"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/12169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12169"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/12169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/12170"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}