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Small Fish Core Providers Seek to Make a Big Splash

Fiserv and Symitar dominate the discussions around credit union core systems, but the fact is that many suppliers toil in the core system trenches. And at least some of them are gaining notice, winning fans and even attempting to chart new directions for what cores might look like in a...

By Robert McGarvey | Updated on June 12, 2013
Fiserv and Symitar dominate the discussions around credit union core systems, but the fact is that many suppliers toil in the core system trenches. And at least some of them are gaining notice, winning fans and even attempting to chart new directions for what cores might look like in a world of escalating security threats and rising member demands for new services such as mobile banking.

Among the many thousands of credit unions with under $250 million in assets, there is a crazy quilt of core providers. Brookfield, Wis.-based Fiserv holds the lead with some 1,675 core installations, according to numbers ­provided to Credit Union Times by Callahan Associates. Symitar has 434 customers. But that means about 4,000 credit unions are not on those platforms.

(Click on image at right to see expanded graphic.)

Among credit unions larger than $250 million, Fiserv and Symitar again have very large market presences–more than two-thirds of the total. But there also are at least a dozen other cores serving the industry’s biggest institutions.

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