Search
 

CUs to Fork Over $650 Million to $800 Million on Technology in 2004

WASHINGTON - Credit unions will spend between $650 million and $800 million on technology in 2004, the third-highest expenditure for CUs behind salaries and office operations, according to Callahan & Associates. Callahan is basing that estimate on replies from 85 credit unions that responded to a recent survey. Those credit...

By Staff Writer | Updated on July 20, 2004

WASHINGTON – Credit unions will spend between $650 million and $800 million on technology in 2004, the third-highest expenditure for CUs behind salaries and office operations, according to Callahan & Associates. Callahan is basing that estimate on replies from 85 credit unions that responded to a recent survey. Those credit unions hold about $68 billion in assets, about 10% of the domestic credit union industry, the research and advisory firm says. The median asset size of the 85 respondents was $325 million while the average asset size was $800 million. Callahan says the size of the CU did not seem to be a factor in the proportion of a credit union’s spending that goes to technology, generally between 12% and 14%. Included in that figure are software, hardware, consulting, security and communications, but not salaries and depreciation. The company says complete details of the report are included in its annual tech directory, Callahan’s 2004 Technology Survey.

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

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • 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.

Already have an account?

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.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.