Attributes of the MVPs in credit union core technology
In the realm of credit union core technology, there are some key data processors that are leading the pack. It’s no surprise that according to Callahan & Associates 2019 Core Report, the twobiggest providers in the industry have continued to hold a lion share of the market with 42.9%, supplying core platforms to nearly 2,500 credit unions. As big players continue to grow, the number of credit unions has dropped. There are 219 fewer credit unions, year over year, totaling 5,596 for the industry as a whole (Q2 2018). Besides the “big two”, there are other core providers in the industry that simply cannot be ignored. The top dogs typically cater to billion dollar CUs and even hold 83.3% of that market, but when it comes to small to medium-sized credit unions, niche core providers are making their impact. Here’s how some core providers add value and support for credit unions and their members.
More than Core
Credit unions need more from their core provider. Basic core technology alone is no longer enough to win their business, they’re looking for advanced solutions that will give their members that personal experience, especially through digital platforms.
Improving member relationships is always on the minds of credit union leaders but credit unions don’t bear that burden alone. Core providers have a significant impact on the member relationship through the solutions they offer to credit unions. One feature that provides a personal touch is digital banking channels. It allows busy members to give manage their financial lives through digital and mobile platforms that will help them feel connected and engaged with their credit union.
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