Small Banks Start Moving to New Age Core Providers

Small banks are starting to look into new age core banking providers in a bid to stay competitive as big banks continue investing billions into digital solutions; the latest example is FirstBank of Lakewood, Colorado who is moving to Finxact which has a cloud and API-based core banking system; FirstBank plans to complete the transition in the next 3 to 5 years; being cloud based and real-time gave Finxact the edge over some of the other solutions in the market according to Jim Reuter, CEO of FirstBank; “Having a core system that’s ready to handle that real-time activity is what a customer would ask for if they were to design the system from the ground up,” Reuter said to American Banker. “I think someday that will be how everything will work.” American Banker