In a new report, Evaluating the Vendors of Small Banks' Core Banking Systems, Aite Group evaluates and compares the small-bank core systems, cross-selling strategies, and successes of eight of the leading technology providers in the U.S. small-bank market. The report concludes that core banking providers are the vendors that are most often designated as small banks' lead vendors, and that their ability to cross-sell products is key to succeeding in the space.
Aite Group estimates that a vendor's ability to meet most of small banks' technology needs is one of the top three considerations in the vendor selection process for more than 50% of small banks. Therefore, effective cross-selling is a major component in the overall strategies of all vendors interviewed in this report. To date, the solutions most often cross-sold to core banking clients have been retail Internet banking, cash management/business banking solutions, and branch/teller applications.
"Many vendors are hoping to increase cross-selling through new sales incentives, the assignment of account managers who act as trusted advisors to bank clients, and through the development of ROI calculators to better quantify solution benefits," notes Christine Barry, Research Director with Aite Group and author of the report. "Gone are the days of one-off transactions and sales. Deepening relationships and cross-selling products are what lead to success in today's market."