banking
US Banking
on the Cloud
TCS BaNCS Cloud for Banking delivers instant
advantages for U.S. community banks
By Joel Rosenberger, Business Development Manager, TCS Financial Solutions,
and Shelli J. Clarkston, Risk Officer, TCS BaNCS Cloud
The United States has
approximately 2,000 community
banks. These range in size from those
with less than $100 million in assets
and a few branches to much larger
entities with $10+ billion in assets.
Despite the diversity of the sector,
a majority of these community banks
rely on three legacy vendors of core
banking solutions. These providers have
grown by acquisition to strengthen
their grip on the marketplace over the
past two decades.
Community banks typically sign
multiyear contracts for core banking.
Yet when it's time to renew, it's
often difficult for a small community
banks to contemplate the financial
and logistical challenges of a core
banking renewal project, especially
within a short time window. Given
the challenges involved, community
banks have been slow to switch core
banking providers.
Furthermore, Peoples State
Bank the big-three U.S.-based
vendors have generally merged
towards similar offerings in terms of
features, functionality, and pricing.
Consequently, switching providers
would involve new costs without
significant new benefits. When one
community bank acquires another,
they are commonly left with different
core processing systems that require
an expensive, quick merger to a single
platform.
That’s how some community banks,
such as Peoples State Bank in Kansas,
have ended up searching for a more
complete solution to seamlessly
convert multiple core banking systems
to a single core platform that more
appropriately addresses the needs of
community banking.
Fortunately, there’s a new way
for community banks to grow and
transform, using a modern core
banking solution that delivers
technological advantages and lower
costs on the futureproof technology
AT A GLANCE
Company: Peoples State Bank
Headquarters: Manhattan, Kansas
Business Challenge: To consolidate three
different core platforms onto a unified core
platform to support digital transformation.
Solution: TCS BaNCS Cloud for Banking
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