The right core processor is essential to the stability and success of a credit union. When deciding whether to renew or switch providers, there are many factors — including client performance, provider performance, and gain in market share — a credit union must consider. And just as there are many factors to weigh, there are many providers from which to choose.
The Supplier Market Share Guide: Credit Union Core Processors by Callahan & Associates provides an aggregate overview of providers along with minimum, average, and maximum financial performance metrics for credit unions and core providers alike.
So, how does a credit union choose the right core for its needs? These three steps offer a good start:
Analyze core processors that have clients similar to your credit union; check for gains made in relevant performance categories.
Reach out to peers using a core in which you are interested to solicit an unbiased testimonial of the user experience.
Develop core conversion guidelines, vendor management policies, and vendor risk-rating worksheets to make a smart decision and ensure a smooth transition.
The credit union industry is consolidating. The 5,596 credit unions in the United States as of June 30, 2018, is 3.8% fewer than one year ago. But total assets have grown during the same time period. They’re up 5.8% to $1.5 trillion.
A couple of providers capture a large share of the credit union market, but rapidly growing up-and-comers are capturing new clients each year. The data contained with Callahan’s Supplier Market Share Guide: Credit Union Core Processors provides a starting point to choosing the perfect core processor. Whether it’s a large player with economies of scale and high-tech resources or a small provider that focuses on accessibility and support, all suppliers present the opportunity to push a credit union’s technology future forward and influence the direction of the industry.
The 2019 Core Report
Callahan's Supplier Market Share Guide: Credit Union Core Processors helps leaders fully understand the performance and strengths of core processors in the credit union space. This guide offers:
Expert opinion and advice.
Changes in market share.
Client performance comparisons.
Aggregate assets for credit union clients.
Newly acquired clients and integration information for select platforms.
Learn how to get access to this report by exploring our subscription options.
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