Around 10% of credit unions looked to upgrade their core banking systems last year, marking a significant increase from the historical percentage average of 4% to 5%, according to two new reports from Boston-based financial research and consulting firm Celent.
The two reports, "Core Banking Solutions for Large Credit Unions" and "Core Banking Solutions for Small Credit Unions," separately evaluate core banking solution vendors that focus on credit unions with more than $500 million in assets and vendors that mostly serve CUs with less than $500 million in assets.
"The core banking market for credit unions looks increasingly complex, with product sets and channel offerings becoming a crucial landscape for competing in an ever-expanding financial services industry," Celent Senior Vice President Bart Narter said. "Credit unions are continually looking to maximize their product offerings with more efficient and flexible core systems."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
