A new study claims that community financial institutions,including credit unions, dramatically overpay for core systems, onaverage about 24% over “fair market value.”

Institutions in the $500 million to $1 billion range fare evenworse, overpaying by on average 29%, which amounts to roughly $1million over the course of a typical five-year contract, accordingto the study.

The research was conducted by consulting firm Business Performance InnovationNetwork in association with Paladin fs, a consultingcompany focused on core systems. The free report is availablehere.

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