Cornerstone Advisors Completes Record Number of Successful Bank and Credit Union Technology System Conversions

News provided by

Dec 14, 2023, 08:44 ET

Milestone reflects banking industry's continued focus on investments in technology transformation.

SCOTTSDALE, Ariz., Dec. 14, 2023 /PRNewswire/ -- Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions and fintech firms, announced today that the company has hit a historical record with the successful completion of 32 core, digital and payment system conversions within a single year. These clients represent banks and credit unions ranging from $300 million to $10 billion in assets.

"We are grateful for the trust our clients place in us to execute on these complex, risky, budget- and resource-intensive initiatives that stand to have a direct impact on their reputations and bottom lines," said Brad Smith, partner at Cornerstone Advisors and head of the firm's Technology Transformation division. "Thanks to them—and to our amazing team of top-notch conversion and project management specialists—we achieved a single-year record not just within our company's history, but among other firms in the consulting industry."

Specifically, Cornerstone completed conversions for a wide range of industry solutions, including core systems from providers Fiserv, Jack Henry and Corelation; digital systems from Alkami, Lumin and Q2; and payment systems from PSCU, FIS and Fiserv. "To illustrate the potential complexity of these engagements, one of our conversion projects lasted 22 months," said Clio Silman, managing director and leader of Cornerstone's Implementation Practice. "And while that was a big one, the accomplishment we're most proud of this year was our team's completion of five different core system conversions in a single weekend."

Given the economy and bank stock prices this year, this level of technology investment by community and regional banks might come as a surprise to many industry observers, Smith noted, but investment in existing and emerging technologies remains strong, as evidenced by the data coming in for Cornerstone's annual "What's Going On In Banking" research. "While there is currently so much disruption in the banking industry, regional and community institutions know they must invest to compete. We remain steadfast in our goal of serving as a trusted partner to support their transformation journeys," Smith concluded.

About Cornerstone Advisors

Cornerstone Advisors, a management and technology consultancy, brings innovative insights and strategic execution to banks, credit unions and fintech firms, helping them reach the next level of performance. For more information, visit our website or connect with us on LinkedIn.

Media Contact:

Cate Pitts
(480) 425-5203
[email protected]

SOURCE Cornerstone Advisors