Community Bank (New York, US) First Community Bank (Virginia, US) First Hope Bank (New Jersey, US)
Selection
In early 2009, Community Bank kicked off its search for a new core system with an 'exhaustive' RFP process,Wilson said. It posted a procurement document on its website to elicit bids from potential vendors, and then engaged a third party consultancy firm, Cornerstone Advisors, for guidance throughout the selection process. The bank had a clear preference to move from an outsourced-type environment to an onsite deployed platform. This was because, Wilson believed, the cost savings from moving in-house are so great (to find out more, see the section below:Moving from an outsourced environment to in- house).
'We had a large number of people involved in the selection process,'Wilson explained, 'many of the teams were comprised of people from different areas, so they were focusing on other areas as well as their own to give extensive feedback'. The bank also had an oversight committee that 'pulled everything together', he added.
Jack Henry was chosen ahead of competition from rivals Fiserv and FIS. The bank was running Fiserv's SourceOne system for more than 20 years and looked into upgrading to the latest version, it also looked at FIS'sMetavante and Jack Henry's Silverlake. The team at Community Bank chose the latter, based on five distinct criteria:
