Core Banking Solutions for Large Credit Unions
Core banking is the nerve center of a credit union. Credit unions, with the help of platform vendors, have been able to leverage Internet technology to handle transactions.
Most of the paper-based transactions of the past have been replaced by digital alternatives. Automation has introduced a new level of efficiency and productivity. What had existed as a disparate group of branches is now a networked entity operating as a whole.
In a new report, Core Banking Solutions for Large Credit Unions, Celent compares a range of solutions that have a sizable presence with larger credit unions, specifically those in which at least 10% of the credit union customers have assets of more than US$500 million. Celent has created a map of core banking vendors and then ranked these vendors using its ABCD Vendor View. XCelent Awards are given to the leading solutions within four categories.
Last year, around 10% of credit unions sought to switch their core system, up from historical averages of 4–5%. Opportunity exists where smaller credit unions look to upgrade an outdated legacy system or to consolidate processing to a single vendor following a merger or acquisition.
“The core banking market for credit unions looks increasingly complex, with product sets and channel offerings becoming a crucial landscape for competing in an ever-expanding financial services industry,” says Bart Narter, Celent Senior Vice President and coauthor of the report. “Credit unions are continually looking to maximize their product offerings with more efficient and flexible core systems.”
This is one of two reports covering core banking solutions for credit unions. The second report, Core Banking Solutions for Small Credit Unions, will look at vendors with implementations in smaller credit unions, specifically those in which more than 90% of their customers have assets less than US$500 million.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Classification of Vendor Solutions
ABCD Analysis and XCelent Awards
The XCelent Awards
Credit Union Features
Acumen from Fiserv
CUBE from Fiserv
DataSafe from Fiserv
Spectrum from Fiserv
XP2 from Fiserv
Harland Financial Solutions’ PhoenixEFE
Harland Financial Solutions’ UltraData Enterprise
Jack Henry/Symitar’s Episys
Open Solutions’ DNA
Temenos Group AG’s T24
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research