97% of Community Banks are Paying Too Much for Their Core Processing System.
UBB partnered with ICI Consulting to provide community banks with access to experienced, dedicated industry consultants who will negotiate with the bank's current core or other potential core processing vendors to identify the best long-term solution. ICI's services will help community banks make sound vendor decisions, improve contract terms, agreements, and early termination fees, and negotiate a fair price through strategic banking consulting.
Who Is ICI Consulting?
Founded in 1994, ICI Consulting is a leading nationwide bank advisor. Serving over 670 financial institutions and completing 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 graduates of core processing vendor programs and bank executives across the United States. They share a passion for helping banks achieve 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 on core processing, ancillary systems evaluations, and negotiations with mission-critical in-house and outsourced fintech solution providers. Their work generally provides community banks with better contract terms, agreements, and fairer pricing.
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 vendor RFP (Request for Proposal) responses, 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." In addition to 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, including better pricing, more advantageous contract terms, and enhanced service-level agreements. Financial institutions can serve customers more efficiently by securing a superior contract.
When to Start the Core Vendor Review Process
If your core vendor contract renewal is 3 years or less away, now is the time to act. Simply click the button below to get the process started.