A bank’s core software manages all key transactions including deposits, withdrawals, loans, and bill payments. Banks should periodically review their current software system to determine whether or not it is running at peak efficiency. After reviewing its core software platform, a bank might decide to undergo a core conversion to replace its current software with a more modern version. Reasons for choosing a core conversion include:
- The outdated system doesn’t allow for expansion and growth.
- Monthly or yearly unexplained increases in costs make the existing system too expensive.
- The current software cannot merge with other systems.
- Making improvements is difficult due to the timing and cost to make any changes.
- The current system has possible risk or compliance issues.
- The outdated software is difficult for customers to use.
- The existing platform has difficulty managing current workflows.
- Poor or non-responsive customer service.