Five Community Bank Core Provider Strategies
Community and midsize banks aren’t one-size-fits-all, and neither are the strategies they can adopt for their core processing needs. On the ABA Banking Journal Podcast — sponsored by Reich and Tang Deposit Solutions — two community bank CIOs describe five strategies banks can pursue, from the familiar one-stop-shop model to options like headless cores, best-in-breed and “sidecar” cores. D.J. Seeterlin of Chesapeake Bank and Jaime Manriquez of Santa Cruz County Bank — both members of ABA’s Core Platforms Committee — outline benefits and drawbacks of each strategy, including what they mean for speed to market, tightness and flexibility for integration, vendor management needs and on-staff tech know-how. They also discuss the directions their banks are taking. The conversation with Seeterlin and Manriquez provides a game plan for conversations that banks need to have well before they start evaluating today’s core provider marketplace. Additional resources: ABA Banking Journal article by Seeterlin on core provider strategy. Resources from ABA’s Core Platforms Committee.
