Jack Henry & Associates reports on rise in digital momentum
Community banks and credit unions are competing in local markets with innovative digital strategies and advanced technology
MONETT, MO (April 6, 2021) —
Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Jack Henry announced today that regional and community banks and credit unions are successfully pivoting to meet today’s demands for a complete banking ecosystem. Specifically:
- Over 400 financial institutions have deployed the Banno Digital Platform™ to 4.3 million users nationwide, including 114 banks and 51 credit unions since January of 2020;
- 120 financial institutions have partnered with Jack Henry Lending to fully digitize the lending experience; and
- Over 115 financial institutions are live on Jack Henry’s real time payments hub, JHA PayCenter™, which seamlessly connects to The Clearing House’s RTP® network and Early Warning Services’ Zelle Network® and will connect to future instant payment networks, including FedNowSM Service.
The pandemic created an immediate need for financial institutions to support their local communities without branches while still offering personal service. As the country recovers and reopens, digital habits and efficiency gains will remain. As evidence, BAI reported that 87% of consumers plan on maintaining their increased digital usage after the pandemic. Community financial institutions responded to the increased demand and adoption for digital services in record breaking time, and they have recognized the need to build on an open banking approach that will empower them to continue innovating and differentiating from the competition.
Tony Pannone, chief information officer at Highmark Credit Union, commented, “In partnership with Jack Henry, we created a fully functional digital branch that allows us to compete with the largest banks. My favorite part is the open integrations – Jack Henry gives fintechs direct access to its technology, allowing our credit union to partner with providers of choice that can grow our membership and enhance our existing offerings.”
The Banno Digital Platform is consistently the highest rated digital banking platform on FI Navigator and continues to set records for raw app speed – as measured by standard key performance indicators (KPIs). Its app-launch-to-app-usable interval is less than one second for native apps and two seconds for browsers. Many big banks’ digital apps are as much as three times slower. Those leveraging the platform also have access to the Banno Digital Toolkit, which allows institutions to use the same API that Banno is built on to create and customize their own solutions.
David Foss, president and CEO of Jack Henry, added, “We have built an open ecosystem that gives community banks and credit unions the power to leverage our technology or connect to other fintechs of choice, curating digital banking experiences that fit the unique needs of their businesses and communities. The banks and credit unions partnering with Jack Henry don’t want to be handcuffed by core providers or technology. That’s why we have opened our APIs for any fintech or financial institution to easily access, build on, and customize to meet their vision. Last year set the stage for the financial services industry to be faster and more agile than ever before; this year, it’s about taking that speed up a notch and with minimal lift, which is where partnerships will be key.”
About Jack Henry & Associates Inc
Jack HenryÔ (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.
