Executive Summary
The Filene Research Institute and The Center for Credit Union Innovation, LLC share a belief that credit unions with less than $20 million in assets are an important segment of the credit union movement. Nearly three quarters of all U.S. credit unions are in this asset category, and they provide unique services to members in all walks of life. The growth and success of smaller credit unions is critically important to the overall vitality of the credit union movement.
What is the research about?
The business relationship a credit union forges in today’s environment with its data processor is a key to the credit union’s success. Limited resources create significant challenges for smaller credit unions in meeting the technology demands related to core services and connectivity.
In an effort to help small credit unions meet these challenges, the Filene Research Institute and the Center for Credit Union Innovation (CCUI) have published, Small Credit Union Data Processors: Survey Results. This special report is designed to assist in evaluating the capabilities and satisfaction levels of major vendors of data processing services. The report shows credit union perceptions of the capabilities of firms providing core data processing services to small credit unions. It also includes credit union ratings of connectivity, service, support, technology, and affordability.
What are the credit union implications?
With these two sets of information – the credit union survey and the data processing vendor survey – smaller credit unions have valuable tools to help them make more informed decisions on their technology future. Credit union management and boards can address technology issues that have an ever-increasing impact upon their long term success and their ability to serve members.