CommonWealth Central Credit Union Invests in the Future with Jack Henry
CommonWealth Central Credit Union has selected Jack Henry (Nasdaq: JKHY) to modernize its technology infrastructure and support future growth. The credit union, which has grown from 10 members and $104 in assets in 1958 to nearly 40,000 members and $632 million in assets today, chose Jack Henry for its open approach and commitment to technology modernization. The partnership aims to help CommonWealth facilitate innovation, modernize operations, and enhance member service to better compete with larger financial institutions. The new platform will provide improved functionality, flexibility, and third-party integration capabilities, enabling the credit union to develop new products and services while improving operational efficiencies.
CommonWealth Central Credit Union ha selezionato Jack Henry (Nasdaq: JKHY) per modernizzare la sua infrastruttura tecnologica e supportare la crescita futura. La credit union, che è cresciuta da 10 membri e 104 dollari di attivi nel 1958 a quasi 40.000 membri e 632 milioni di dollari in attivi oggi, ha scelto Jack Henry per il suo approccio aperto e l'impegno nella modernizzazione tecnologica. La partnership mira ad aiutare CommonWealth a facilitare l'innovazione, modernizzare le operazioni e migliorare il servizio ai membri per competere meglio con le istituzioni finanziarie più grandi. La nuova piattaforma fornirà funzionalità migliorate, flessibilità e capacità di integrazione con terze parti, consentendo alla credit union di sviluppare nuovi prodotti e servizi mentre migliora l'efficienza operativa.
CommonWealth Central Credit Union ha seleccionado a Jack Henry (Nasdaq: JKHY) para modernizar su infraestructura tecnológica y apoyar el crecimiento futuro. La cooperativa de crédito, que ha crecido de 10 miembros y 104 dólares en activos en 1958 a casi 40,000 miembros y 632 millones de dólares en activos hoy, eligió a Jack Henry por su enfoque abierto y su compromiso con la modernización tecnológica. La asociación tiene como objetivo ayudar a CommonWealth a facilitar la innovación, modernizar las operaciones y mejorar el servicio a los miembros para competir mejor con las instituciones financieras más grandes. La nueva plataforma ofrecerá una funcionalidad mejorada, flexibilidad y capacidades de integración de terceros, permitiendo a la cooperativa de crédito desarrollar nuevos productos y servicios mientras mejora la eficiencia operativa.
CommonWealth Central Credit Union은 Jack Henry (Nasdaq: JKHY)를 선택하여 기술 인프라를 현대화하고 미래 성장을 지원합니다. 1958년에 10명의 회원과 104달러의 자산에서 시작하여 현재 거의 40,000명의 회원과 6억 3천 2백만 달러의 자산으로 성장한 이 신용 조합은 개방적인 접근 방식과 기술 현대화에 대한 헌신 때문에 Jack Henry를 선택했습니다. 이 파트너십은 CommonWealth가 혁신을 촉진하고 운영을 현대화하며 더 큰 금융 기관과 더 잘 경쟁할 수 있도록 회원 서비스 개선을 목표로 하고 있습니다. 새로운 플랫폼은 향상된 기능과 유연성, 타사 통합 기능을 제공하여 신용 조합이 새로운 제품과 서비스를 개발하고 운영의 효율성을 향상시킬 수 있게 합니다.
CommonWealth Central Credit Union a choisi Jack Henry (Nasdaq: JKHY) pour moderniser son infrastructure technologique et soutenir sa croissance future. La caisse de crédit, qui est passée de 10 membres et 104 dollars d'actifs en 1958 à près de 40 000 membres et 632 millions de dollars d'actifs aujourd'hui, a choisi Jack Henry pour son approche ouverte et son engagement envers la modernisation technologique. Le partenariat vise à aider CommonWealth à faciliter l'innovation, à moderniser ses opérations et à améliorer le service aux membres afin de mieux rivaliser avec les grandes institutions financières. La nouvelle plateforme offrira une fonctionnalité améliorée, de la flexibilité et des capacités d'intégration tierces, permettant à la caisse de crédit de développer de nouveaux produits et services tout en améliorant l'efficacité opérationnelle.
CommonWealth Central Credit Union hat sich für Jack Henry (Nasdaq: JKHY) entschieden, um ihre Technologinfrastruktur zu modernisieren und zukünftiges Wachstum zu unterstützen. Die Kreditgenossenschaft, die von 10 Mitgliedern und 104 Dollar an Vermögenswerten im Jahr 1958 auf heute fast 40.000 Mitglieder und 632 Millionen Dollar an Vermögenswerten gewachsen ist, wählte Jack Henry wegen seines offenen Ansatzes und seines Engagements für die Technologiemodernisierung. Die Partnerschaft zielt darauf ab, CommonWealth dabei zu unterstützen, Innovationen zu fördern, den Betrieb zu modernisieren und den Mitgliederservice zu verbessern, um besser mit größeren Finanzinstituten konkurrieren zu können. Die neue Plattform wird verbesserte Funktionalität, Flexibilität und Integrationsmöglichkeiten von Drittanbietern bieten, sodass die Kreditgenossenschaft neue Produkte und Dienstleistungen entwickeln und gleichzeitig die Betriebseffizienz verbessern kann.
- New client acquisition in the credit union sector
- Platform adoption by a $632M-asset institution serving 40,000 members
- Strategic expansion of Jack Henry's market presence in financial technology services
- None.
Insights
This partnership marks a significant technological upgrade for CommonWealth Central Credit Union, with potential positive implications for Jack Henry's revenue stream. The credit union's
The implementation will generate recurring revenue through platform subscriptions and integration services. Key technical advantages include cloud infrastructure scalability, streamlined third-party integrations and operational efficiency improvements. This win demonstrates Jack Henry's competitive edge in the credit union technology modernization space, particularly against legacy providers with integration capabilities.
While the exact contract value isn't disclosed, similar implementations typically represent
Jack Henry's open approach, commitment to research and development position credit union for growth
Founded in a garage in 1958, CommonWealth's mission is to help its members enhance their financial well-being. Over 65 years, it evolved from a small credit union with 10 members and
In re-evaluating its technology platform to position itself for growth, CommonWealth identified limitations in functionality and support with its existing platform, and third-party integrations were often time-consuming and expensive. The credit union needed a provider with a commitment to continually investing in new functionality and cloud-based architecture. CommonWealth selected Jack Henry for its open approach and commitment to technology modernization. Jack Henry's platform helps the credit union facilitate innovation, modernize operations, and enhance member service, better positioning them to compete with larger financial institutions.
"Jack Henry's future-focused mindset and open technology made them the clear choice," said Val Ovrootsky, Chief Information Officer at CommonWealth. "Jack Henry's ongoing investment in technology provides us with the scalable infrastructure we need to grow and deliver modern banking services and tools to members."
The credit union looks forward to the improved functionality and flexibility the new platform will provide. Without the limitations and workarounds, CommonWealth has the option to collaborate with third parties of choice or develop competitive solutions independently. It plans to create new products and services that will better serve its members. The platform's tight integrations will also improve efficiencies for both back-office and member-facing employees, saving the credit union both time and money.
"Our relationship with Jack Henry is off to a strong start due to their engagement, responsiveness, and professionalism," Ovrootsky added. "We anticipate a long and productive relationship that will help us innovate, grow, and fulfill our mission. They will help guide our strategy and technology plans."
"Jack Henry is committed to service and innovation, continually investing in modernizing our platforms and staying ahead of industry trends," said Brynn Ammon, President of Credit Union Solutions at Jack Henry. "This commitment provides credit unions like CommonWealth with the technology and support to address key business challenges, including improving operational efficiency and attracting and retaining new members. We're proud to provide the infrastructure CommonWealth needs to uphold their mission."
About Jack Henry & Associates, Inc.®
Jack Henry™ (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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/commonwealth-central-credit-union-invests-in-the-future-with-jack-henry-302302632.html
SOURCE Jack Henry & Associates, Inc.
FAQ
What credit union selected Jack Henry (JKHY) for technology modernization in November 2024?
What is the current asset size of CommonWealth Central Credit Union partnering with Jack Henry (JKHY)?
Why did CommonWealth Credit Union choose Jack Henry (JKHY) as their technology provider?
