US community bank rallies banking industry to address core software needs
Jim Kisch, president and CEO of Passumpsic Savings Bank, a community bank operating in the US states of Vermont and New Hampshire, is calling on the banking industry to support its request to core banking software vendors.
In his post on LinkedIn he writes that to remain competitive in today’s climate, banks need the following from their core processing providers:
- “We need the freedom to choose ancillary technology partners without penalty, i.e. add-on transport module subscriptions.
- “We need open access to our information on core through APIs. It’s acceptable to pay a fair price for API calls received and the amount of data transferred out.
- “We need easy to understand coterminous core contracts, so we periodically have a choice to terminate contracts if we’re not satisfied with our core without loose ends.
- “We need our core to continuously update licensed software to execute on the latest operating system patches.”
Kisch is asking fellow bankers to “consider supporting this public request” and also to add their needs to the list.
“The power to change relies on our ability to galvanise our resolve,” he states. “Control belongs to the customer.”
Kisch is also calling on core banking software vendors to “honour our needs request and your commitment to meeting customer needs above all other priority”.
The comments to Kisch’s LinkedIn post have so far been mainly from core vendors and integrators offering their products and services…
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