As a De Novo bank your focus in the beginning is how to organize and raise capital. Typically technology falls to the back seat of the process. However, it is an extremely important part of starting a bank and if done right will provide a competitive edge. Better, faster, and cheaper. Having conducted over 400 technology vendor evaluations and a partner with StartaBank.com, Abound is knowledgeable about today's technology vendors. Many decisions need to be made from selecting your core processor through merchant capture, internet banking, and CRM. Abound Resources, Inc. knows the process a De Novo bank needs to go through to achieve success.

Why do you need a third party advisor?
Technology vendors have come and gone, security threats have grown, and the FFIEC technology guidelines are continuously changing. Typically, in the beginning a de novo bank won't have an executive designated strictly to technology.  Although you may have a knowledgeable CEO or CFO that has been responsible for bank IT previously, de novo technology selection is different. Knowing that these decisions must be made before you get your charter, many de novo banks are opting to use a third party.

How does Abound work with De Novo banks?
The Abound team is not made up of mere techies. Abound advisors are former COO's and CIO's of community financial institutions that are committed to finding the right vendors for your de novo bank's unique needs. The company remains completely vendor neutral, so you won't see the same technology vendor chosen over and over again on Abound projects. Abound typically gets started 6-10 months before your bank opens. Ideally, somewhere in the pre-application filing or once a CEO has been identified.

Abound is available to assist you in starting your De Novo bank by:

• Understanding your strategy and big plan for IT
• Building your IT Plan and Budget
• Completing IT and Operations section of your application
• Help you find the right combination of vendors (likely 10-25) that will support your plan:
• Core processing
• Internet banking
• Website
• Network
• Telephone
• Technology contract negotiations
• Get IT in right, on time and train your people
• Provide all policies, procedures, and business resumption plan
• Get you started and then help you go forward
• Monitor and improve your vendor's performance
• Ensure that the systems are being used internally
• Cover risks and security
• Implement your technology plan

The keys to success in today's market are growth, non-interest income management and non-interest expense management. Technology plays a vital role in all of these.  It is the second largest non-income expense and some of these technology contracts are the biggest contracts you will sign when you start a bank.