This year marks a significant milestone for Interstate Business Equipment (IBE). Sixty years ago, Daniel “Dan” L. Cronin opened a business in Omaha, NE, later moving to Ralston, NE, selling mechanical accounting and billing machines and services to local trucking businesses and regional banks.
Dan understood the importance of listening to customers and knowing what they needed before they needed it, so when the minicomputer revolution began in the 1970s, he immediately expanded his product line to include the new computers. It was challenging as the first minicomputer took up a lot of room space. To succeed, Dan knew offering the latest equipment and accounting systems at a fair price was essential. He always maintained his goal of providing innovative technology, superior quality, value, and outstanding customer service.
As a savvy business owner, Dan constantly evaluated the market and looked for opportunities to add new products and services. He talked to his customers about new offers they would like to see from IBE. It was unanimous: bank customers wanted a system to process daily transactions, update accounts, and more. Although the computer business was booming, technology was changing. Dan knew he couldn’t be everything to everyone, so he decided to focus on just the banking industry. After all, software and computer equipment complement each other.
In 1975, Dan and his colleague, Bob Friend, plus a team of software engineers and programmers, designed and created a core banking platform to address real-world accounting problems for community banks. The team developed the core to network bank branches and automate bank processes. Selling a core processing solution and banking equipment was perfect for community banks and their branches. Modern Banking Systems (MBS) was born and turns 50 in 2025.
To this day, technology continues to change the world. In addition to increasingly rapid innovation trends, the core business models are about spinning new products and bringing them to market rapidly. Technology has become increasingly influential.
After Dan’s passing in 2004, Dan’s son, Mike Cronin, took over IBE/MBS as CEO. Although the banking landscape has changed since 1964, Mike has continued the family commitment to providing unsurpassed customer service, the best possible core processing solutions, plus a wide range of high-quality bank equipment to community banks. “Too many to mention here, but we have equipment, services, and software that will answer the ever-growing needs of community banks like yours.” Mike continued, “We designed our equipment to make a bank and its branches function efficiently, securely, and reliably for the life of their use.”
“In 1981, we were looking for American Exchange Bank’s first in-house computer system. We liked Modern Banking Systems because they were local and provided good value. We have stayed with MBS since because of the reliability of their products and the exceptional customer support we receive when we need it. Modern Banking Systems’ commitment to software development as technology evolves is also key in our relationship, as it allows us to offer state-of-the-art banking products to our customers. We also greatly appreciate that IBE & MBS remain family-owned and operated because it aligns with how we operate as a bank in serving the people, farm operations, and small businesses in our community.”
Robert Clements
Executive Vice President of American Exchange Bank
Amid all the changes, the continued success of IBE/MBS is still delivering excellent service plus creating efficient and productive partnerships. From the time when customers were in-house and equipment was just an accounting machine, Mike stated, “We’ve made major investments in hardware, software, and personnel growing Service Bureau, Doc Imaging, TotalTeller, digital banking platform, fraud solutions plus other important service solutions our customers are wanting to compete in today’s marketplace.”
“Like the community banks we serve, we’ve seen plenty of change in the past 60 years, from increasing regulatory pressure to digital acceleration and the rise of fintech and open banking. But our commitment to our customer-first mentality truly sets us apart and has never changed.”
Mike Cronin, CEO
We’ll continue to provide you with excellent products and services. We genuinely appreciate your continued business, support, and strategic partnership. Here’s to the next sixty years!
(Article written by Patty Barone, Marketing Director, MBS)