I know exactly how you feel! We pay monthly fees to our core provider that we feel are too high. But the worst part is when you want to add a product offering, do your due diligence and shopping around and decide to use your core provider's product because you think it would be less of a hassle if problems arose later on. That cost is usually twice what you think it should be. But, the ultimate eye opener is when you try to leave your core provider, either before the contract is over or at the end of the contract! Read your contract carefully and find a very good negotiator!
President/ Chairman of the Board
PO Box 550
Haleyville, Al. 35565
205-486-5263
wwalker@tradersandfarmersbank.com
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Two community banks are investing in a new core provider because, as one of the bankers put it, she was tired of paying “ransom” every time the bank asked its current core for an update. Michelle Toll, CEO and president of the $230 million-asset State Bank in Wonder Lake, Ill., told American Banker that she was tired of simply complaining about the problem and decided to do something. The provider State Bank invested in is Neocova, a St. Louis-based firm that has raised $3.15 million and plans to go live this month, according to the St. Louis Post Dispatch. I’m not endorsing Neocova, but I know many bankers share Toll’s frustrations.
p.s. Peer Intelligence is hosting a webinar with former Fed Vice Chair Dr. Alan Blinder on Wednesday, November 20th at 11 AM ET. Last chance to register, click here.
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Barb Rehm
Senior Managing Director
Promontory Interfinancial Network, LLC
Arlington VA
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