ICBA Adds Four Jack Henry Solutions to Preferred Service Provider Program
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Insights
The partnership between Jack Henry and the ICBA, particularly the inclusion of new tools like Banno Business and JHA SmartPay RDN, is strategically significant for community banks. These tools allow these institutions to enhance their digital offerings, which is critical in a banking landscape increasingly dominated by tech-savvy consumers and fintech competitors. Improved digital experiences and operational efficiencies can lead to increased customer satisfaction and retention, potentially translating into higher revenues and a stronger competitive position in the market.
From a financial perspective, the adoption of Synergy Document Management and Centurion Data Backup and Recovery could lead to cost savings. These savings come from reduced need for physical storage and increased operational efficiency, which could improve the banks' bottom line. Moreover, such enhancements in information security could mitigate risks associated with data breaches, thereby reducing potential costs from security incidents.
Jack Henry's ongoing relationship with the ICBA as a Preferred Service Provider and the recent additions to their service offerings reflect an understanding of the evolving market demands. Community banks are seeking to differentiate themselves not just through customer service, but also through technology. By providing modern digital banking experiences and improving operational efficiencies, Jack Henry is positioning itself as an essential partner for these institutions.
It's important to note that as community banks adopt these technologies, they could see an uptick in their appeal to small-to-medium sized businesses, a segment that often requires personalized services combined with the convenience of digital tools. This could lead to market share growth within this niche and broaden the customer base for community banks.
The emphasis on information security tools and disaster recovery processes is a response to the increased cyber threats facing the financial industry. By integrating Centurion Data Backup and Recovery, community banks can enhance their resilience against data loss and system outages, which is vital for maintaining customer trust and regulatory compliance. Furthermore, the centralized data management provided by Synergy Document Management can streamline compliance with data protection laws and simplify the audit process, which is increasingly important as regulatory scrutiny intensifies.
These enhancements not only protect the banks and their customers but also serve as a competitive edge. In an era where data breaches can severely damage a financial institution's reputation, a strong security posture can be a compelling selling point for customers who prioritize the safety of their financial information.
Digital banking, payments, operations, and information security tools help community financial institutions innovate, differentiate and compete
The solutions added to the ICBA program enable community banks to:
- Offer modern digital banking experiences for small-to-medium sized businesses (Banno Business)
- Simplify remote deposit capture (JHA SmartPay Remote Deposit Now)
- Centralize data in a secure enterprise-wide knowledge management solution (Synergy)
- Improve the disaster recovery process (Centurion Data Backup and Recovery)
"ICBA is proud to continue our affiliation with Jack Henry, a leading industry provider that understands and supports community banks," said Kevin Tweddle, senior executive vice president of ICBA Innovation. "The new tools help banks improve banking experiences for both retail and small-to-medium sized businesses, while boosting operational efficiencies and enhancing security."
Jack Henry has been an ICBA Preferred Service Provider (PSP) for more than 15 years. Many Jack Henry digital banking, payments, lending, commercial banking, information security and technology, and operations solutions are included in the PSP program.
"Our work with ICBA equips community banks with the resources they need to stand out in a crowded marketplace and compete successfully to serve the evolving needs of today's customers," said Greg Adelson, president and chief operating officer at Jack Henry. "We value our relationship with ICBA and the opportunity to provide solutions that help strengthen connections between community banks and their customers."
The new additions to the ICBA Preferred Service program are available to all ICBA members.
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 47 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.
About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.
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SOURCE Jack Henry & Associates, Inc.
FAQ
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