Pick the best bank

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anking and financial services are changing at a rapid pace, and consumers have high expectations for their banks’ delivery of products and services. To meet these expectations and continue to evolve and offer the next generation of products and services, community and midsize banks need dynamic, responsive relationships with their core providers.

The Principles offer reasonable standards under which a bank’s relationship with its core provider, and its customer base, can thrive. Fair and transparent contracts, adoption of technologies outside of the core provider offering and access to customer data are achievable standards that will allow banks to be innovative and competitive.

The Committee believes these Principles are the foundation for a strong bank-core relationship. Banks are encouraged to discuss these Principles when engaging with their core providers, and core providers are encouraged to embrace these Principles as they continue to work with their bank customers. Ultimately the terms of any contractual relationship between banks and their partners must be negotiated between the two parties. The Committee believes that incorporating these Principles will help banks meet the technology demands of their customers while strengthening the business relationships between banks and their core providers. Quality Service The right to on-time, high-quality, exceptional customer service from our core providers.

The right to engage with all providers, within and outside of core provider relationships, that lead the way with innovative and creative service offerings to ensure that banks offer the best and most up to date technology and services to their customers.

The right to service level agreements (SLAs) that are meaningful and relevant for the industry and are easily determined and calculable.

The right to regularly provided performance reporting against SLAs.

Responsive and Open Communication The right to open and transparent communications with our core providers including interacting with accountable and empowered individuals.

The right to one subject-matter-expert point of contact for each service line within a core provider who will manage all our technical issues and concerns.

The right to a clear, up-front explanation of all the costs for network and data processing services with no hidden fees or unexpected costs, with all fees listed in contracts and easily reconcilable to monthly or annual billing statements.

The right to concise, streamlined and easy-to-read billing statements.

The right to transparency into our core providers’ research and development efforts, and the timeframes for implementation.

Security and Protection The right to the highest standard of industry leading data protection and privacy.

The right to be notified of core provider data breaches in a timely manner.

The right to fair acceptance of liability by a core provider that is a source of a data breach that affects the bank.

The right to have core providers continually upgrade their sources and methods to comply with evolving industry best practices and data protection standards and frameworks.

The right to have information security and data protection enhancement costs reasonably built into product pricing so that banks are not subject to additional security surcharges.

The right to any security and configuration data, audits and assessments necessary to satisfy the oversight requirements of banking regulators.

American Bankers Association Pick the best bank B

Maybe It’s Time to Change Banks.