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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.