For years, community banks have felt trapped in a David vs. Goliath struggle with their Core IT providers. Fiserv, FIS, Jack Henry – these Big Three giants have held the power, locking banks into one-sided contracts that often feel unfair and exploitative. But the tide started to turn back in 2016 when the The Golden Contract Coalition (GCC) was launched by our CEO, Aaron Silva in partnership with Pillsbury Winthrop Shaw Pittman (Pillsbury). Aaron’s company Paladin fs is the only advisory firm to have created an independent, 3rd party coalition designed to battle the Big Three head on.
The American Bankers Association tried many years ago to tame the Big Three with the formation of their Core Platforms Committee but has largely failed in this endeavor, petering out remaining momentum back in 2022. Solving the issue of fair contracts will only work if the economic buyers (banks and credit unions) come together in a free market coalition with the confidence and expertise of industry leaders such as Paladin and Pillsbury. Unfortunately, the ABA does not have experts familiar with Core, IT and Fintech contracts on staff and this is not in their mission to employ them.
The GCC is an industry coalition with a bold mission: to unite community banks, credit unions, and “friendly” technology suppliers to rewrite the rules of Core, IT and Fintech contracting. With a vision of harnessing the collective bargaining power of hundreds of institutions, the GCC is negotiating a standardized, FI-favorable contract – The Golden Contract – that levels the playing field and puts community banks and credit unions back in control of their most critical relationships.
The rise of Fintech is disrupting the Core IT landscape, offering exciting new alternatives to the legacy providers. But navigating this evolving market can be daunting. The GCC provides a safe and secure pathway for community banks and credit unions to explore new technologies while protecting their interests with the Golden Contract standard.
The GCC is more than just a coalition; it's a movement. A movement to empower community banks, to level the playing field, and to usher in a new era of fair and transparent Core IT contracts. This is a historic opportunity for community banks to take control of their technology destiny and secure a brighter future.
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