How to select right core banking software and vendor for my bank?
If you are faced with challenge of selecting a right Core Banking Software and Vendor AND if you are in dilemma in selection from shortlisted few, following tips can be useful to you in making right decision.
- Customer Services in almost all banks today are automated.
- Many banks globally are running on age-old legacy system technologies and platforms without changing the banking software for the sake of technology up-gradation.
- Major cyber fraud, cyber security threats to Banks arises from its Wide Area Network, Exposure to Internet AND from Human actors in the organisation. The instances of cyber fraud threats or cyber security threats to Banks due to development technology / platforms used in bank’s banking software is rare.
- The decision of bank to change banking software is mostly due to Functional Limitations, Reporting Limitations of software.
- Need for change banking software arises due to inability of existing vendor to upgrade its product functionally, provide support services to bank.
- There is limitation of budget on Bank to procure multiple tools, software, vendor services to bridge GAP between solutions available in existing banking software in Bank AND expected features, solutions in new software and expected services from CBS vendor.
- Many times the banks do not have adequate IT Staff or do not have necessary training facilities for its IT Staff.
Considering above Facts and Scenarios, banks should ensure following in the new banking software evaluation process:
- Detailed product walk-through of the banking software. A serious banking software evaluations had walk-through sessions for up to 2-3 days.
- Most of the software only provides operational reports AND are lacking any Statutory Compliance Reporting AND Analytics i.e. BI Reporting. In the walk-through, ensure that the vendor shows all statutory and analytical reporting and BI Reports AND explains business logics in the complex reports
- Selection of vendor’s customer site for onsite visit from the list of few possible customers of the vendor. Detailed onsite visit of the customer; Check at the bank visited, that all those features, reports, delivery channels are implemented WHICH ARE missing at your bank.
- Check track record of customizations by vendor at its customer banks for reports addition, new delivery channel implementations AND the reasonableness of price, and promptness in following delivery timelines.
- Check track record of the services by the vendor from multiple customers.
- Decide evaluation points for banking software AND score for each point.
- Workout the TCO of the bank for next 5 years due to the Hardware, Connectivity, Legal Software required to implement the banking software.
- Do not take decision in haste only on some recommendation or under influence without following due process.
- Do not finalise the software only based on the price BUT it should be based on sum of technical score and commercial score.
TrustBankCBS provides below complete product stack to co-operative banks AND it have been rated very high on customer services by its customer banks. For online demonstration and pricing, pls request a call back with TrustBankCBS Presales team.