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#209849 - 07/12/04 08:01 PM
Re: Internet Banking
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Gold Star
Joined: Jun 2004
Posts: 419
Kansas City, Mo
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We have NetTeller(Jack Henry Product). No major problems, somewhat user friendly. Hold tight, it will be a good experience.
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#209850 - 07/12/04 08:27 PM
Re: Internet Banking
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Platinum Poster
Joined: May 2004
Posts: 833
Michigan
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We're a small community bank and we've been on-line with a transactional system since the spring of 2000. One of my many hats is "web developer" for the bank (also security officer, branch manager and sometimes janitor. . . ). The interface with our non-transational site is seamless, the company was very easy to work with and our customers love it. Year to date I've only written maybe 1/2 dozen checks on my personal account - everything else is done on-line! I'm definately a fan.
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If you approach life with pure logic you can avoid almost all of the fun.
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#209854 - 07/12/04 10:11 PM
Re: Internet Banking
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10K Club
Joined: Oct 2000
Posts: 27,752
On the Net
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You have a host of vendor due diligence issues as well as the basics of what they offer, what you'll offer and if it will all be done at once or in phases. There are cost considerations and documentation, who'll do what, when and if they will also do your Website and/or portal. E-Sign and eStatements may also be issues, are they "push" or "pull" and which do you prefer?
I would be familiar with your IT exam questionnaire and I would ask my regulator, what issues are they seeing so that you can avoid them if possible, or at least address them up front.
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AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#209855 - 07/13/04 05:58 PM
Re: Internet Banking
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Platinum Poster
Joined: Jun 2003
Posts: 938
Do you know the way to ...
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Find out what their average % down-time (or up-time) is, and if there will be tech support available 24/7 to address any issues that may arise.
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Just a lowly 1st Year Law Student ("1L"), so don't take anything I say seriously!
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#209856 - 07/13/04 11:54 PM
Re: Internet Banking
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Junior Member
Joined: Jun 2002
Posts: 39
Washington State
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Due diligence, due diligence, due diligence! Just make sure you do your homework on all the vendors that you are reviewing. We have been offering internet banking for 6 years now including billpay with no major problems but it is an area of scrutiny every time the examiners walk in the door, however we only offer internet banking to existing customers so to limit our risk as far as CIP goes. Good luck!
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#209858 - 08/02/04 09:02 PM
Re: Internet Banking
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100 Club
Joined: May 2003
Posts: 232
Connecticut
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There is SO, SO much that you need to look at. Here's a few key points (using my hindsight):
- Intergration - how well does it work with your core system? (Setups, transfer of history, transactions etc.)
- Customer facing - is it easy to use, does it have the features that are most important to customers (hint: it's not stock quotes)
- Vendor - Is the vendor solid, do they keep information secure, will they be here in a year, do they spend money on R&D, etc. (this is the whole due diligence piece)
- Price - will you be penalized in pricing the higher your user base goes up? Flat, tiered and capped fees are better than per user if you plan on growing your users.
- Customer service - who's going to provide it and when, and then what will it cost. If you're going to provide it do you have the resources?
- Marketing - what type of growth and retention program does the vendor offer. Can you segment and communicate with online users? After all, the ROI comes from being able to retain and cross sell these customers.
Those are the key pieces I can think of at 5 of 5 on a Monday. Good luck, feel free to post more questions as you go through the process.
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#209859 - 08/07/04 06:54 PM
Re: Internet Banking
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Diamond Poster
Joined: Jun 2004
Posts: 1,115
Where the wind comes sweeping ...
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We did not go with our core processor because they were a lot more expensive and we have been very sorry.
You can ask them about their downtime and support, but they probably won't tell you the truth. I would recommend checking lots of references. Ask for references that have the same core processor as you do.
They all have very different pricing. Here are some costs you should ask about: One time set up cost, Annual cost, Hardware, Website set up, Website hosting annual cost, User set up, Fee per user per month, and Training/install.
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#209860 - 08/09/04 07:07 PM
Re: Internet Banking
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100 Club
Joined: Jan 2003
Posts: 126
South of Canadian Border
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We will be going on line very soon and I'm the trainer and also the marketing dept. Your tips will be very useful to us also.
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#209861 - 09/28/04 05:30 PM
Re: Internet Banking
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Anonymous
Unregistered
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#209862 - 09/29/04 09:42 PM
Re: Internet Banking
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100 Club
Joined: Dec 2002
Posts: 195
Eastern KY
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I chime in with the Wave Watcher and recommend the visit the FFIEC Information Systems examination procedures. Lots of terrific info on vendor/outsourcing. Also the best checklist for the due delligence requirements. Document the vendors you review. List all pros and cons for each vendor you review. Have an "inner circle" team to set in on your demos so they can help with the final decision. We began with Net Teller and now have PCS host our website. Happy with PCS.
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#209864 - 05/04/05 03:46 AM
Re: Internet Banking
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Anonymous
Unregistered
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I've been through reviews of several internet banking vendors as part of renewal of late and have concluded the following: (1) It's harder than it was 3 years ago to see a difference between the "best of breed" internet banking providers and the core processing internet banking solutions. (2) Not all core provider internet solutions are created equal. They may look the same on an RFI but they are way different when you see them up close. Be sure to check out the online sites of the references.
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#209865 - 05/21/05 02:43 AM
Re: Internet Banking
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Anonymous
Unregistered
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Agreed. We're changing back to our core provider. The features and functions are about the same, the integration is better and the cost is lower.
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#209866 - 05/23/05 11:54 PM
Re: Internet Banking
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Anonymous
Unregistered
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What are the pros and cons of an internet banking provider vs. a core provider with internet banking?
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#209867 - 05/24/05 08:11 PM
Re: Internet Banking
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100 Club
Joined: Dec 2003
Posts: 146
Texas
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We are going through conversion currently with an internet banking provider. We are having integration issues. It's a headache because you're in the middle of the provider and your core system attempting to work out these problems!
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