What Is a Core Conversion?

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  • The outdated system doesn’t allow for expansion and growth.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  • The outdated software is difficult for customers to use.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.

Why Is Core Conversion Important?

Technology is always changing and expanding. As it expands, old systems become obsolete, requiring banks to upgrade their systems to keep up. Core upgrades also provide banks the flexibility to offer fully customized products and services to meet the demands and needs of customers.

The need for core conversion became evident during the pandemic, as it created a greater demand for online and mobile services. While many banks offered some forms of remote banking, the demand for online services to open depository accounts and start loan processes online grew. Customers no longer wanted these services or were no longer able to walk into a bank to access them. Software conversion has since become necessary for all banks to keep up with demands and improve customer experience. 

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Custom Software for Every Institution

Custom Software for Every Institution

Every bank is unique and many need specialized software solutions made for their specific needs and clients. BMA offers custom software solutions for every financial institution. BMA provides:

  • Industry-leading services
  • Software that is easy to understand and use for both clients and their customers
  • Safe and secure solutions
  • Open architectural technology that provides the opportunity to integrate 
  • Core processing system that continues to grow with you as you expand your institution
  • Customized pricing to provide affordable processing solutions
  • Everything you need to operate your bank such as online/mobile banking, imaging, auto-account openings, and GLs 

With over 35 years of experience, BMA can complete a core conversion with minimal interference to your financial institution. The entire process takes between 6-9 months, depending on the needs of the bank. Much of the work will be done by BMA, but the bank is always involved to make sure that the correct products and services are implemented. Request a discovery meeting today to learn more about how BMA can help improve your institution’s financial services.