Do you want to know a secret? Roughly three in 10 small credit unions do not maintain their core systems in-house, instead using “hosted” or “service bureau” solutions where the core is in fact maintained off-premises by a third-party vendor.
This preview from next week's print edition continues tech writer Robert McGarvey's look at the changing core processing industry for credit unions.
Fiserv and Symitar dominate the discussions around credit union core systems, but many smaller providers are nipping at the heels of the core giants.
This second part of a two-part series on core processor competition is a preview from next week's print edition of Credit Union Times.
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.
Big banking tech companies recently have been hungrily gobbling up smaller companies and the question is, Will this consolidation continue? The other question, Is this good, or bad, for credit unions?