Florida Banking February 2024

BANCSERV ENDORSED PARTNER: SHAZAM

BY RONNIE SEIBER, REGIONAL DIRECTOR OF SALES - CORE, SHAZAM IT’S TIME TO HAVE SOME TOUGH CONVERSATIONS ABOUT CORE F L O R I D A B A N K E R S A S S O C I A T I O N

Y our core commands your attention as one of your biggest technology investments at your bank. It’s the hub of your technology stack and often the gatekeeper that decides who you can and can’t work with. Today, innovative and complimentary technologies, like instant payments or an unending string of fintech solutions, are waiting at your doorstep. They’re differentiators signaling your ability to compete. Now, more than any time in the last two decades I’ve been in the banking industry, there are some important questions banks need to be asking about their core. 1. Nickels, Dimes and Pennies “If I can’t trust you with a penny, I can’t trust you with a million,” is a statement I heard a lifetime banker once make. The question begging to be asked is, “Is your core nickel and diming you?” Take a close look at your contract and then look at your billing statement. How many fees are you paying now that your core provider didn’t disclose? Look for a partner who keeps their pricing structure simplified and not spread out over 25 pages of an agreement. That kind of contract makes it harder to understand what the bottom line is. Demand transparency: understand what, if any, escalators kick in as you grow. Are there automatic inflationary increases? You deserve to know what you’ll pay long term. If you’re evaluating whether to stay with your current provider, ask about second term incentives. Some core providers offer large incentives in the form of flex credits, but buyer beware! Often those credits only kick in when you spend more on the core’s ancillary services. Why should you have to spend more to receive the incentives promised? Look for a partner who offers loyalty payments for longer term

“THE NUMBER ONE REASON WE CAME TO SHAZAM CORE, WAS THE RELATIONSHIP WITH SHAZAM AND THEIR FOCUS ON OUR SUCCESS. WE HAVE A TRUE PARTNER THAT WE CAN COLLABORATE WITH AND BE INVESTED TOGETHER IN THE SUCCESS OF BOTH THE BANK AND THE PRODUCTS.”

- ANDREW COUSE PRESIDENT & COO, FIRST BANK CLEWISTON, FLORIDA

and second terms. Those are the partners truly vested in the relationship. 2. Service, Service and Service In most communities, the differentiating factor between your financial institution and the large

18 — FLORIDA BANKING THE VOICE OF FLORIDA BANKING