Independent Financial Selects Jack Henry to Automate Commercial Lending

Rhea-AI Summary

On February 15, 2022, Jack Henry & Associates (NASDAQ: JKHY) announced that Independent Financial, a Texas-based bank, has chosen its LoanVantage® digital lending platform to automate commercial loans. This collaboration aims to improve the bank's lending efficiency for small and medium-sized businesses. Independent Financial, with $18.7 billion in assets, is expanding its digital capabilities to enhance customer experience and streamline lending operations. The partnership follows Independent Financial's acquisition of a Jack Henry Lending user in 2019, showcasing its commitment to technological advancement.

Positive

• Independent Financial selected Jack Henry's LoanVantage® to automate lending, enhancing operational efficiency.
• The $18.7 billion asset bank aims to improve customer experience and streamline processes with the digital platform.
• The partnership follows the successful acquisition of a previous Jack Henry Lending user, indicating trust in Jack Henry's solutions.

Negative

• None.

MONETT, Mo., Feb. 15, 2022 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) announced today that Independent Financial has expanded its collaboration with Jack Henry, selecting the company's digital lending platform, LoanVantage^®, to automate commercial loans for small and medium-sized businesses.

McKinney, Texas-based Independent Financial is already leveraging Jack Henry's core capabilities and was introduced to the digital lending platform after acquiring a Jack Henry Lending user, Guaranty Bancorp, in 2019. The $18.7 billion-asset bank liked how the system worked and decided to roll it out enterprise-wide. Easily scalable, the platform streamlined processes and created a more digital and user-friendly lending experience for both borrowers and lenders.

Theresa Nguyen, Vice President Lending Solutions at Independent Financial, explained, "Jack Henry gives us an advantage over other financial institutions in our community. Once we grasped the sophistication of the digital lending platform and learned how to leverage it for the benefit of our customers and community, we decided to fully embrace all its features. The Jack Henry team has been indispensable during the implementation process, training our staff, listening to our feedback and suggestions, and helping us find solutions that would make our processes more robust."

Independent Financial has seen rapid growth in recent years, expanding its geographic footprint and diversifying its client portfolio, most recently focusing on better serving small and medium-sized businesses in its community. The bank's previous lending platform had cumbersome features that could not support its growth. Natalye Bollinger, Senior Vice President, Director of Credit Systems and Analytics at Independent Financial, added, "We selected Jack Henry's lending solution to help us grow our commercial loan portfolio and better support our middle-market customers who need a digital, flexible, and efficient lending experience. We aim to automate and streamline our processes, while still offering personal assistance and support when needed. With Jack Henry, we offer a modern, competitive experience start to finish; we are able to reduce costs while improving customer communication and service."

Gary Lewis, managing director for Jack Henry Lending, commented, "Independent Financial can continue to grow its market with ease, making a real difference for the businesses in its community. Their acquisition granted them the opportunity to benefit from a fully digital lending experience. As a well-rounded financial technology company, Jack Henry provides technology and services that enable community and regional financial institutions to strengthen connections with accountholders and compete with mega-banks and fintechs. I hope that all community institutions evaluate their programs at this depth so that we can level the playing field and best support the small and medium businesses of America."

About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading SaaS provider of technology solutions 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^® provides innovative solutions to community and regional banks; 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. 

About Independent Financial 
Independent Financial is a relationship-driven financial services company headquartered in McKinney, Texas, which provides a wide range of banking products and services tailored to meet the needs of businesses, professionals, and individuals. Independent Financial operates in four regions (the Dallas/Ft. Worth Metroplex, Central Texas, and Greater Houston regions in Texas, and the Colorado Front Range region). For more information, visit ifinancial.com. (Independent Financial is a trademark of Independent Bank, a subsidiary of Independent Bank Group, Inc. Member FDIC. NASDAQ: IBTX).

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.

FAQ

What is the purpose of Independent Financial's partnership with Jack Henry?

Independent Financial is using Jack Henry's LoanVantage® platform to automate commercial loans and improve lending efficiency for small and medium-sized businesses.

How much assets does Independent Financial have?

Independent Financial has $18.7 billion in assets.

When did Independent Financial announce its collaboration with Jack Henry?

Independent Financial announced its collaboration with Jack Henry on February 15, 2022.

What company is represented by the stock symbol JKHY?

The stock symbol JKHY represents Jack Henry & Associates.

What is the significance of the LoanVantage® platform for Independent Financial?

The LoanVantage® platform allows Independent Financial to offer a more digital and user-friendly lending experience, automating processes and reducing costs.

How does Independent Financial benefit from its partnership with Jack Henry?

Independent Financial benefits by streamlining its lending operations and enhancing customer communication and service through a modern, competitive solution.