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 you can get access.
Want more credit union strategies? Sign up for the CreditUnions.com free newsletter.