Callahan & Associates' annual report
highlights market gains and sustained leadership amid industry
expansion
MONETT,
Mo., Dec. 19, 2024 /PRNewswire/ -- Callahan
& Associates, a leading data and consulting firm in the credit
union industry, confirmed Jack
Henry's Symitar platform as the top platform for credit
unions in its annual ranking of financial technology providers.
Symitar® has been listed as the top platform every year
since 2018.
The report included 28 core platforms serving credit unions with
$400 million in assets or more. Seven
of these platforms gained clients this year, with Jack Henry achieving the most significant
growth.
More than 700 credit unions leverage Symitar across three
providers: Jack Henry, Member Driven
Technologies (MDT), and Synergent. The platform remains the largest
core service provider for credit unions with over $1 billion in assets, now serving 212 credit
unions – an increase of 19 compared to last year. Additionally,
Symitar has become the leader in the $250
million to $1 billion asset
segment.
Andrew Lepczyk, industry analyst with Callahan &
Associates, noted that the role of a core platform has become even
more crucial as members expect the better service that comes with
21st century banking technology. He predicts this expectation will
continue to grow. Jack Henry shares
this perspective, emphasizing that credit unions are increasingly
basing their core platform decisions on modern technology
capabilities and strategic plans for advancement.
Brynn Ammon, president of Credit
Union Solutions for Jack Henry, said
service and innovation have always been cornerstones of the
company's culture.
"We have decades of experience providing the highest level of
service and groundbreaking solutions to credit unions across the
country, and we're building on that legacy with our cloud-native
technology modernization strategy," Ammon said. "Our goal is
to make cutting-edge technology easily accessible to credit unions,
enabling them to meet the evolving needs of their members and drive
sustainable growth."
The report also noted that credit union membership grew by 2.4%
this year, adding 3.3 million new members. "The fact Americans are
still turning to credit unions for savings and loans despite
changing industry dynamics is a testament to how well-prepared
credit unions are for the days ahead," Lepczyk said.
About Jack Henry &
Associates, Inc.®
Jack Henry™ (Nasdaq:
JKHY) is a well-rounded financial technology company that
strengthens connections between financial institutions and the
people and businesses they serve. We are an S&P 500 company
that prioritizes openness, collaboration, and user centricity –
offering banks and credit unions a vibrant ecosystem of internally
developed modern capabilities as well as the ability to integrate
with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to
enable clients to innovate faster, strategically differentiate, and
successfully compete while serving the evolving needs of their
accountholders. We empower approximately 7,500 clients with
people-inspired innovation, personal service, and insight-driven
solutions that help reduce the barriers to financial health.
Additional information is available at www.jackhenry.com.
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SOURCE Jack Henry &
Associates, Inc.