Read the original article from PYMNTS here.
Here is a brief summary of the article:
- Community banks frustrated with lack of competition in corporate bank tech providers market.
- Fiserv, FIS, and Jack Henry & Associates control majority of core banking services market.
- Smaller banks claim unfavorable contracts and mediocre digital offerings prevent them from competing with big banks.
- Fiserv, FIS, and Jack Henry have secured 90% of US banks with less than $1B in revenues.
- Community banks claim services are too expensive and can be delayed.
- American Bankers Association invested in Finxact to inject more competition into core provider space.