WASHINGTON–Which data processing platforms claimed the largest number of new credit union clients in 2015?
Share One and its New Solutions platform claimed the largest number of new credit union clients at 12, double that of any other provider, according Callahan & Associates’ 2016 Supplier Market Share Guide: Credit Union Core Processors. The guide is sponsored by Symitar.
Following Share One, the top two providers in completed conversions include two other mid-size processors, CU*South (running the CU*Base platform) and Corelation (KeyStone). Each increased their customer base by six credit unions over the past year.
“While the big players continue to dominate in market share, we’ve continued to see growth among the smaller core processors this year,” says Sam Taft, senior director of industry analysis at Callahan & Associates, in a released statement. “Their growing ability to offer third-party integration combined with aggressive pricing and personal service seems to be working for them among many credit unions, especially the smaller ones."
Many core providers increased their market share by single or even double-digits annually as of September 2015. However, the number of credit unions in operation also decreased by 234 over the same timeframe, noted Callahan’s. “A full 228 of these credit unions merged with another institution; however, liquidations, purchases, and assumptions also played a role in the decline,” the company said.
In terms of increasing aggregate customer assets, Symitar led the way as its customer’s asset base increased more than $58 billion over the period. CU*Answers made significant strides as well, increasing its aggregate customer asset size by $1.9 billion from September 2014 to September 2015, Callahan’s reported, while Corelation also posted a significant uptick in this metric, growing from $3.7 billion in aggregate customer asset size to $5.5 billion during that period.