Credit union core systems are old, truly antique in computer terms, but they also seem to be immortal in most institutions.
Core processing systems can often do more than they're typically used for, but less than what's needed.
The announcement last month by Fiserv that it would acquire Open Solutions Inc. for roughly $1 billion, most of that in debt assumption, has sent some shivers through the credit union core processing world.
An increasing number of executives are pessimistic about the 2013 outlook for their credit unions because of more regulations, low interest rates and a weak economic recovery, according to a Web survey of 271 credit union leaders by Abound Resources, an Austin, Texas-based management consulting firm.
Weak economy, low interest rates and most of all, regulatory burden, cited in responses.