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Community Banks Voice Frustration with Core Tech Providers

Fiserv, FIS, and Jack Henry dominate the core banking services market, leaving smaller players with unfavorable contracts. Community banks claim services are expensive and delayed. To promote more competition in the core provider space, the American Bankers Association invested in Finxact, a smaller player in the space that offers services on a subscription model.

Jenn Day
Feb 20, 2024

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.
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