As we head into strategic planning season, it’s a sure bet there will be financial institutions that determine their current core system just won’t get them where they want to go. If you find yourself in that situation, read on! There is a light at the end of the tunnel, and it’s not a train headed your way!
A few weeks ago, we described a nightmare scenario for those banks considering a change to their core system. While nothing we say or do will ever make such a project a fun experience, there are a series of steps that can be taken to make a conversion a worthwhile experience for employees and customers—and an important strategic enhancement for banks with core systems that have run out of gas.
Like old soldiers, old banking systems never die, they just slowly fade away. If your system is slowly fading away, consider carefully how long you want to wait before you upgrade. It is always difficult to make such a wrenching change to an organization, but there are situations when a conversion simply cannot be avoided. If your bank must decide “when” and not “if” to upgrade, remember that there is a right way and a wrong way to accomplish that conversion.
Many thanks to Santiago Patiño and Michael Croal for their important contributions to this article.