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SHREWSBURY, N.J. – Credit unions are heavy users of third-party vendors, but some credit unions are finding value in limiting the number of vendors they deal with.

Many credit unions’ IT operations look like jigsaw puzzles. They have separate vendors for core processing, loan origination, online banking, collections, and on and on. Why such a multitude of vendors? Some say they want “best of breed” and if that means different vendors, so be it. Others say no one vendor can do it all. But things may be changing, as more and more credit unions are looking to their core processing relationship for more add-on products. Also driving this change is core processors are merging with one another and acquiring firms that can help them fill out their product menus.

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