In a bank CIO’s life, there is perhaps no more momentous project than a core processing system conversion. It’s the banking equivalent of a heart transplant – a major changeover that, once started, cannot be undone. And like a heart transplant, it may have a long-lasting impact on one’s health and quality of life, for better or worse.

With the stakes so high, none of us would willingly entrust our heart transplant procedure to a surgeon who’d never performed the operation before. Nor would we go under the knife before we’d done extensive research and sought out multiple expert opinions on the right course of treatment, and its effect on our lives in years to come.

Yet, that’s essentially what some banks have done with their core conversions. Sure, they go through an RFP process and evaluate competing vendors on major criteria and benchmarks. But often, the problem isn’t that they’re not asking questions – it’s that they don’t ask the right questions.

Take regulatory compliance, for example. If you ask a non-US vendor, “Can you do US regulatory compliance?”, they will almost always say, “Yes.” They are, after all, trying to make a sale. But if you ask, “Have you done US regulatory compliance before?”, you’re more likely to find out if that vendor is counting on your bank to finance its next software release.

For US vendors, a different question is in order. “After a conversion, are you prepared to handle the continuing mass of regulatory changes being imposed on the Financial Services Industry?” Too often, we find that vendors are struggling to keep up with business as usual (maintenance, fixes, new releases) and, as a result, they pick and choose which customers or customer segments they can support. If you’re trying to grow your institution’s capabilities and customer footprint, you don’t want to be on the wrong side of that list!

That’s why it makes sense to engage an independent third-party partner like ADS early in the core conversion process. We know what regulatory compliance requires – both as part of the conversion and thereafter. We know how to ask the tough questions. We can help craft RFPs and benchmarks that clearly separate the contenders from the “wannabes.” And we make sure your solution is right-sized for your future.

Some banks facing a multi-million-dollar core conversion project might balk at paying a bit more to have that independent voice at the table. But – as we’ve seen first-hand – that extra investment in experienced oversight can ultimately save millions.

Connect with us today to see what value ADS Financial Services Solutions can add to your organization. Learn more about ADS Financial Services Solutions at www.adsfs.com or email peter.cahill@adsfs.com to match you with the correct ADS resource for your needs.