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 Statesas 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’sSupplier Market Share Guide: Credit Union Core Processorsprovides 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.