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Celent reports monitor core banking vendors for CUs
BOSTON (7/13/11)--Celent Banking Solutions has released two reports providing a comparison study of the core processing market for credit unions. As a benefit of affiliation, the Credit Union National Association provides member credit unions with access to research reports from Celent. “Core Banking Solutions for Large Credit Unions” compares solutions among providers who count at least 10% of their clients as credit unions with $500 million or more in assets. Celent has created a map of service providers and ranks them. It presents XCelent Awards to the leading solutions within four categories. The second report, “Core Banking Solutions for Small Credit Unions” compares solutions among providers who count at least 10% of their clients as credit unions with less than $500 million in assets. Last year, around 10% of credit unions studied sought to switch their core system, up from historical averages of 4% to 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 Opportunity exists where smaller credit unions look to upgrade an outdated legacy system or to consolidate processing to a single vendor following a merger or acquisition, according to Celent. Celent is a research and advisory firm that works with financial institutions in formulating comprehensive business and technology strategies.


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