A new study claims that community financial institutions, including credit unions, dramatically overpay for core systems, on average about 24% over "fair market value."
Institutions in the $500 million to $1 billion range fare even worse, overpaying by on average 29%, which amounts to roughly $1 million over the course of a typical five-year contract, according to the study.
The research was conducted by consulting firm Business Performance Innovation Network in association with Palladin fs, a consulting company focused on core systems. The free report is available here.
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