– Mt. Vernon Bank & Trust Among First in Iowa to Upgrade to Core Technologies from DCI –
Twenty miles outside of Cedar Rapids, IA, Mount Vernon Bank & Trust is making waves in banking fintech, putting big banks and big fintech companies on notice that they are no longer the only powerhouse game in this area(DCI).
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After a months-long search with a consulting group, the 136-year-old institution was among the latest in Iowa to break with the long-imposed dominance of big bank fintech oligopolies, and entered a 10-year core contract with Data Center Inc. (DCI), the privately-owned developer of iCore360® core banking software and iCoreGO™ digital banking solutions for community banks nationwide. The deal also moves the bank to DCI’s integrated InstaKey® ATM network and card processing services.
The Mount Vernon institution is deceptively small but mighty, already performing above their peers in efficiency, credit quality, and strength of capital. And they have even higher aspirations of robust growth and modernization to attract younger-generation depositors. But the bank realized that their older technologies were limiting their goals and needed a more advanced, yet cost-effective tech set.
Craig Smith, Mount Vernon’s EVP and CFO said, “We found everything we were looking for with iCore360, iCoreGO and InstaKey. And we look forward to how they will help us better serve our customers instead of us having to manage unruly technology and multiple vendors.”
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Smith also points out the bank wanted a core tech partner with the agility to help them grow and that fit their style, culture and values. Said Smith, “Critical in our core selection was finding the right innovative, digital banking products, but also the right relationship. DCI had great client references, never misrepresented or overpromised themselves, and the DCI culture really spoke to us as community bankers. Their private, banker-owned mission fit our progressive banking model to a ‘tee’.”
DCI feels they have lots of opportunity in Iowa from a growing change in sentiment among community bankers about what has been the status quo in bank tech for years.
Sarah Fankhauser, DCI President and CEO said, “We are delighted to welcome Mount Vernon Bank & Trust to the DCI family and we are confident that any Iowa bank looking to upgrade their core tech experience will like what they find at DCI, just like the folks at Mount Vernon did. Large or small, the DCI welcome mat is out for all comers!”
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