97% of Community Banks are Paying Too Much for Their Core Processing System.
UBB partnered with ICI Consulting to provide community banks access to experienced and dedicated industry consultants who will negotiate with a bank's current core or other potential core processing vendors to help identify the best long-term solution for the bank. ICI's services will help community banks make solid vendor decisions, adding better contract terms, agreements, and early termination fees and negotiating a fair price.
Who Is ICI Consulting?
Founded in 1994, ICI Consulting is a nationwide leading bank advisor. Serving over 670 financial institutions, including more than 1,100 consulting engagements, ICI supports community banks by providing core processing assessments, vendor evaluations, contract negotiation, and conversion services.
ICI has assembled a team of highly successful former core processing vendor graduates and bank executives across the United States. They share a passion for assisting banks in achieving their corporate goals. The ICI team is professional, experienced, agile, ethical, and completely objective regarding vendor decisions.
What Does ICI Consulting Do?
ICI saves community banks significant time and money during core processing, ancillary systems evaluations, and negotiations with these mission-critical in-house and outsourced fintech solutions providers. Their work generally provides community banks better contract terms, agreements, early termination fees, and an overall fair price.
CONSULTING SERVICES OFFERED
- Assessment & Strategic Recommendation
- Core Vendor Evaluation
- Core Processing Contract Negotiations
- ATM Hardware & Maintenance Negotiations
- Core Conversion
- Ancillary System Evaluation
The ICI Process
Assessment
ICI takes a holistic view when assessing financial institutions' operations at the executive and operational levels. An ICI survey comprehensively analyzes an institution's application and technology system and identifies gaps, strengths, and weaknesses. An actionable report, including strategic recommendations, is presented to management.
Evaluation
ICI consultants analyze RFP (Request for Proposal) responses from vendors, compare product information gathered during many parallel evaluations, and prepare executive-level reports to summarize complex technical and financial data. The review focuses on the financial institution's most important software features and functionality. Additionally, the process incorporates longer-term strategic considerations related to selecting a true vendor partner for the bank.
Negotiation
On behalf of clients, ICI pursues cooperation with vendors and applies the principle "you don't get what you deserve, you get what you negotiate." As well as providing price negotiations, ICI crafts Additional Terms and Conditions, Service Level Agreements, and related Financial Penalties that are measurable and appropriate for the financial institution.
Results
ICI has a well-deserved reputation for delivering exceptional results for clients, such as better pricing, advantageous contract terms, and enhanced service level agreements. Financial institutions can serve customers more efficiently when they secure a superior contract.
When to Start the Core Vendor Review Process
If your core vendor contract renewal is 3 years out or less, now is the time to act. Simply click the button below to get the process started.
WEBCASTS
ICI experts conduct a series of free webcasts addressing various topics related to core processing and ancillary systems. A wealth of knowledge is shared in 60 minutes, and more than 35,000 financial industry executives have attended these informative webcasts. Click here to register for one of the upcoming webcasts.