10 STEPS FOR AN EFFECTIVE CORE BANKING SYSTEM SELECTION
Core Banking Systems are the backbone of products and services that Banks offer. With technology becoming a value differentiator, a wrong system selection may cost tremendous opportunity losses. While there are multiple vendors offering off-the-shelf packages, each one of them claiming they have a long list of implementations across the globe, one needs to be careful that the solution fits the Bank's requirement, and this is not always easy. How does one select the best-fit solution for a Bank in the most effective manner? How does one ensure that the selection process is made objective, transparent and focused? Cedar has conducted several Core Banking (and other ERP solutions as well) Selection and Implementation exercises in the region. Based on our earlier experience, we present 10 steps for effective selection of Core Banking Systems 1. DEFINE BUSINESS NEEDS - AND HAVE THEM OWNED 20% of IT projects reportedly fail to achieve corporate objectives, wasting $500 billion worl