PRI Blog: System Evaluation & Contract Negotiation

The community banking industry is at a pivotal stage. Financial institutions have experienced continuing margin pressure over the past year, demonstrating less rate elasticity than many anticipated in the rising rate market. They also have seen increasing pressure from non-banking competition and rising customer expectations. With the drastic contraction of the number of deposit-holding institutions […]

So, you’ve done all the major work to select a new core system, including ensuring that it aligns with your organization’s strategy and long-term goals. You’ve worked hard to select the right vendor and the right internal team to prepare for implementation, which may have taken several months or a year. Now launch day has arrived, and your top goal is to accomplish a seamless integration that will bring you out the other side without losing customers or frustrating your employees. How do you do it?

The Dos and Don’ts of Contract Negotiation Contracts for essential services lie at the heart of a financial institution’s business and greatly impact what it can and cannot do and what it offers to its customers. Because these contracts in large part drive the FI’s business, it’s important to get the contract negotiation right. Any […]

For almost every financial institution (except de novo institutions), a current core system is already in place. Changing core and ancillary systems creates a significant change event that will impact productivity and morale. It’s not an endeavor to be entered into lightly! In the PRI article 7 Tips for Getting the Most Out of Your […]

In the blog Top Buzzwords in Banking and What They Mean to Community Institutions, PRI consultant Brady Chianciola discussed “digital transformation” and how it goes much farther than simply digitizing an FI’s operations. The term refers to truly transforming the company and strategically changing the way it operates for the customer’s journey.   “Digital transformation means […]

With all the current hype about Cloud-Native Core Solutions, it’s easy to become overwhelmed by all the choices available. In our last blog, Mike Neale, PRI Director of System Evaluation, highlighted the considerations FIs should take into account when deciding whether to implement a core solution designed for cloud deployment. He said that while cloud […]

It’s coming, and it’s in the cloud. But is it right for my financial institution? This is a very astute question, according to Mike Neale, PRI Director of System Evaluation. Financial institution leaders are currently hearing a great deal of hype about Cloud-Native Core Solutions, but it’s wise to slow down and evaluate these solutions […]

In Part 1 of this blog, Why Does Contract Negotiation Matter to Financial Institutions, Tony Baumgardt, PRI debit card consultant, explained that contracts, in fact, drive the FI’s business and embody the relationships between the FI and its vendors. Contract negotiation is a critical element to the long-term profitability of the FI. How can the […]

It may sound simplistic, but every contract signed by an organization obligates the parties to do certain things for a set period of time. As such, contracts for essential services greatly impact what a Financial Institution can and cannot do and what it offers to its customers. In fact, in many ways that obligation drives […]

When it comes time to evaluate an FI’s core systems, organizations sometimes enter the process with a high level of frustration around their current solution or vendor. This inherent frustration can lead to a desire to make big changes. However, because changing out a core system significantly impacts an FI’s productivity, it is wise to […]