WASHINGTON–A newly released analysis offers an updated look at market share among credit union core processors.
Callahan & Associates has released its annual “Market Share Guide: Credit Union Core Processors,” finding “long-standing trends are continuing in the core processing space.” The company said the guide includes numerous tables and graphs that can help decision-makers assess where their current core provider — or others they might be considering — stands in the industry and among its peers.
The biggest news in the space over the past year, according to Callahan’s is that Symitar rebranded and the “giants remain just that.” The report notes Jack Henry & Associates has consolidated its three industry brands — Jack Henry Banking, ProfitStars, and Symitar — into one brand: Jack Henry, and that the Episys name is being dropped and the credit union platform will simply be known as Symitar.
Symitar and Fiserv combined to claim 39.4% of the credit union market by number of clients, according to Callahan’s.
The Report Highlights
Among other highlights of the Callahan & Associates’ analysis:
- Fiserv remains the market leader, with a share of 28.9%, or 1,432 of the 4,957 CUs on Fiserv platforms.
- Jack Henry grew its share by 15 basis points over the period covered in the latest analysis, but its 522 clients include 185 institutions with more than $1 billion in assets. “That’s eight more than last year. Fiserv, meanwhile, added two and now has 158 that top the $1 billion mark. In the $250 million to $1 billion segment, Jack Henry holds a close second at 211 to Fiserv’s 228 credit unions. Fiserv also leads the market in clients in every other asset band,” Callahan’s said.
- Corelation reported the most significant client growth in 2022, adding 23 new users to its KeyStone platform. “That pushed the company’s roster to 145 credit unions and increased its market share by 55 basis points to 2.9%,” Callahan’s reported.
- Eight out of the 29 cores with client lists totaling at least $400 million in assets gained clients year over year; 16 lost clients, and five maintained their number of users.
The Platform Players
According to Callahan’s, when it comes to platforms:
- The Episys name is no more, but in 2022 it remained the leading single platform, with 689 credit unions across three providers — Jack Henry (522), Member Driven Technologies (99), and Synergent (68). In total, 13.9% of credit unions in the country use that system.
- Platinum, FedComp’s platform, came in second, with 468 total credit unions and a 9.4% market share. “That marks a decline of 37 clients during the year as the presence of very small credit unions — this venerable company’s market — continues to fade,” Callahan’s said. “There also are 19 fewer users of Finastra’s UltraData platform.”
- The CU*BASE platform gained 35 new users, the most for any single platform over the year.
For additional info: www.callahan.com.
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