HUTCHINSON, Kan., January 20, 2022 /PRNewswire/ — Some may be wondering if there is a trend brewing among community banks in Montana after two other institutions recently took steps to bring more modern technologies to their communities and assert their rights against giant banks and fintech companies in the process.
After months of diligence and advice, Three Rivers Bank to Kalispell, Montana and First State Bank of Shelby, Montana are among the latest institutions to spin off from big banking technology companies and sign bold 10-year deals with Data Center Inc. (DCI), the private developer of core banking software iCore360®, digital banking services iCoreGO® and fintech processing solutions for community banks nationwide.
Banks report that competition from big banks and unreliable core technology were hampering their growth goals and felt that a more modern set of technologies was needed to provide more personalized service to changing customer needs and new generations.
AJ King, CEO of Three Rivers Bank, said: “I want to stay ahead of the competition to protect and expand our presence in Northwest Montana. So we needed to find the right technology for customer convenience that still helps us maintain the personal relationships and service we are known for.”
King began his research by bringing in an industry consultant to help him weigh his options. The first consultant he spoke to immediately told him not to quit his primary primary provider, but rather let him try to negotiate a lower fee. Said King, “When I dove into what’s important to our bank and our customers, I was more interested in finding the best fit, not just the cheapest price. I knew that no amount of savings will could improve our current core, so I hired a different consultant who was more interested in helping us find the right fit for us.”
After a detailed review of several options, King said: “It was obvious that iCore360 and iCoreGO had a far superior design and user experience that suited us better than the others’ more confusing schemes – and we still ended up saving a lot of money too.”
The agreements also move the two banks to DCI’s integrated InstaKey® ATM card network and services, as well as possible future fintech treatments as sponsor banks.
Brice Kluth, Chairman of the First State Bank of Shelby, said, “We looked at other cores and found DCI to be the best fit because DCI has everything we need for our customers without a lot of big third-party vendors. [that would create] a vendor management workload with complicated contracts and various expiration dates in addition to high intermediate costs.” Kluth added, “We believe we earn more from DCI because of their investment in their products and technology, and we are delighted to offer these products to our customers in Northern Montana.”
However, the two banks also say that their decision to upgrade was about much more than hardware and software. They were tired of feeling neglected by big central corporations like a small fish in a big ocean. They wanted a lead partner willing and able to give them their full attention and support with a culture and values that matched their style.
Said King, “I liked DCI from the start. I was immediately struck by the genuinely open, accessible and personal nature of the DCI culture throughout the company and all of its employees. We found the good technology and the good relationship we were looking for. A real ‘Win-Win.'”
Sarah Fankhauser, DCI’s Chairman and CEO said: “The addition of Three Rivers and Shelby to our rapidly growing DCI family is further proof that banks – and consultants – who are objective in their grassroots research are quickly discovering that we are the best remedy for the status quo and “big core” frustrations.
DCI is the developer of the award-winning iCore360® basic banking software, plus iCoreGO® digital banking and fintech processing solutions for community banks nationwide, including those using other major platforms. DCI is privately owned by a group of banking customers, several of whom are board members and user group leaders. DCI also offers private ATM card/network management, FrontLine™ ATM software, custom analytics, risk/vendor management, and more. Among other awards, DCI was named one of the Top 100 FinTech Technology Providers by IDC Financial Insights, one of the Top 100 FinTech Forward Technology Providers by American banker and BAI, multiple winner of the BankNews Awards for innovative solutions and mentions from several regional banking associations. For more information about DCI, visit www.datacenterinc.com or contact [email protected]
Contact: Mark Harris, Vice President, Marketing