Bank of Charles Town Automates Commercial Lending with Jack Henry
Jack Henry & Associates (NASDAQ: JKHY) announced a collaboration with the Bank of Charles Town (BCT) to enhance its commercial lending experience through digitalization. BCT aims to improve efficiencies and customer experience by replacing a manual loan origination system with Jack Henry's comprehensive digital lending platform. This new solution will streamline loan processes and enable BCT to better serve small and mid-sized businesses. The collaboration supports BCT's growth strategy and facilitates geographical expansion in digital lending.
- BCT is automating its commercial lending process, enhancing efficiency.
- The new digital platform improves customer experience and loan turnaround times.
- Jack Henry's solution supports BCT's goal to expand its digital lending footprint.
- None.
MONETT, Mo., Jan. 4, 2022 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) announced today that Bank of Charles Town (BCT) is collaborating with Jack Henry Lending to digitize its commercial lending experience.
Charles Town, W.Va.-based BCT has experienced rapid growth in recent years after investing heavily in digital banking solutions, namely their website, digital wallets, and mobile deposit features. Still, the bank's previous loan origination system had a manual backend process, leading to a burdensome experience for both borrowers and employees and a lengthy loan turnaround time. To continue growing, BCT needed a loan origination solution with a superior customer front-end and a seamless process, one that would boost efficiencies, enhance customer experience, streamline internal work efforts, and ultimately eliminate unnecessary costs. With Jack Henry, the bank is gaining a centralized and flexible solution that enables lenders to make an informed credit risk decision, track and monitor individual loans as well as manage portfolios.
Anthony J. Ranghelli, Vice President of BCT, explained, "We selected Jack Henry's lending platform because it supports our broader digital banking strategy. The platform will help us grow with scale and efficiency while improving everyone's experience. Our immediate goal for the next few years is to expand our digital lending footprint geographically to support businesses in neighboring communities and diversify our portfolio. We selected Jack Henry to position us for success and help us break down physical barriers."
The solution's all-digital loan origination, analysis, review, and portfolio management workflows will allow BCT to better serve both customers and small and mid-sized businesses in their community and beyond. Plus, the mobile capabilities will enable the bank to meet customers where they are by providing them with the option to bank and apply for loans on their own time. Ranghelli added "With Jack Henry, we will be better equipped to assist the small and mid-sized businesses in our community and grow our support for niche industries like dental practices and law offices, a top priority for our bank. This extended relationship will not only streamline efficiencies with clients but will also improve internal processes as our employees will be cross-trained and have one vendor point of contact, resulting in a consistent vendor experience and greater continuity."
Gary Lewis, managing director for Jack Henry Lending, commented, "The digitalization of the banking industry is happening quickly, and consumers expect their financial institutions to keep up and continue serving them on their financial journeys. By making strategic investments in digital solutions now, institutions like Bank of Charles Town will be better positioned to serve their customers and communities in the future and differentiate themselves from the competition. Our lending system reinvigorates the lending process by providing both lenders and borrowers with an easy-to-use, fast and flexible solution, which is exactly what customers are looking for today."
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading SaaS provider primarily for the financial services industry. We are an S&P 500 company that serves approximately 8,500 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
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SOURCE Jack Henry & Associates, Inc.
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