Core processing technology represents one of the most important purchasing decisions for credit unions and has core processors fighting an ongoing battle for market share. And as the number of credit unions dwindles, the core wars have grown more intense.
"It impacts every member of, and employee in, your credit union and is an enormous driver of both your member experience and operating efficiency," Brad Smith, managing director, technology solutions for the Scottsdale, Ariz.-based Cornerstone Advisors, said of core processing.
Callahan & Associates' 2016 Supplier Market Share Guide lists almost 6,300 credit union core processing clients, some 800 less than the number listed three years earlier. Fiserv and its multiple platforms hold a 32.5% market share.
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