More than four in 10 community banks dissatisfied with cost of core processing

October 1, 2020

A news article released by ABA Banking Journal detailed results from a survey conducted by the Conference of State Bank Supervisors, which found:

 

“More than four in 10 community banks said they were dissatisfied or very dissatisfied with the cost of their core processing, compared to just 27% who said they were satisfied. Likewise, nearly half were dissatisfied or highly dissatisfied with their cores’ flexibility, compared to just 20% who were satisfied.

 

While 57% of banks relied solely on their core provider for digital banking products, 30% rely on third parties in addition to the core and 12% are seeking other non-core providers. About as many community banks said they were dissatisfied with their cores’ third-party compatibility as said they were satisfied—but banks were three times likelier to be very dissatisfied than very satisfied.”

 

These findings highlight the need for comprehensive solutions for banks. A partnership with Elan allows banks the ability to offer customers credit cards with attractive rewards without upfront investment. Elan will work with your institution to support all programs and product needs so you can achieve greater success, reduce expenses, and drive bottom-line results. In addition, long-lasting partner satisfaction is important to us. We are proud to share that 96% of partners choose to renew with Elan.*

 

Find out more about Elan here.

 

View the full ABA article here.

 

*Data as of 12/31/19