Jack Henry Announces Winners of Inaugural Cobalt Awards

Rhea-AI Summary

Jack Henry (Nasdaq: JKHY) has announced the winners of its inaugural Cobalt Awards, recognizing financial institutions and fintechs for innovation, community dedication, and commitment to financial freedom. The awards were presented at Jack Henry Connect in Phoenix, Arizona on October 8, 2024.

Winners include:

• The Barrier Breaker: BankPlus and Fibre Federal Credit Union
• The Changemaker: Georgia United Credit Union and IncredibleBank
• The Integrator: DoubleCheck Solutions and FINBOA

Each winner receives a $10,000 donation to a charity of their choice. Greg Adelson, President and CEO of Jack Henry, emphasized the company's mission to strengthen connections between people and financial institutions through technology and services that reduce barriers to financial health.

Positive

• Jack Henry launched the Cobalt Awards to recognize innovation and commitment to financial health in the industry
• Winners demonstrated significant improvements in operational efficiency and customer service
• The awards program aligns with Jack Henry's mission to strengthen connections between people and financial institutions

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• None.

New awards celebrate innovation, community dedication, and commitment to financial freedom

MONETT, Mo., Oct. 9, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) is pleased to announce the recipients of its inaugural Cobalt Awards.

Launched earlier this year, the annual awards recognize financial institutions and fintechs that are dedicated to their communities, passionate about innovation, and relentless in helping accountholders improve their financial health.

The 2024 Cobalt Award recipients were revealed on October 8 from the main stage at Jack Henry Connect in Phoenix, Arizona. The winners are:

• The Barrier Breaker: This award honors one bank and one credit union that have made significant strides in breaking down barriers to financial health for their accountholders.
  • BankPlus – Utilized Synergy^® and Jack Henry's Account Modification service to enhance its CreditPlus program, resulting in $6.29 million in deposits.
  • Fibre Federal Credit Union – Leveraged Symitar^® to optimize its share certificate program, achieving a 3,451% increase in balances over the previous 12 months in just one quarter.

• The Changemaker: This award recognizes one bank and one credit union for their exceptional use of technology, services, and innovation to improve operational efficiency.
  • Georgia United Credit Union – Harnessed the power of SymXchange™, Banno™, and PowerOn^® to streamline processes, saving 3.75 hours per day in card orders and improving member experiences.
  • IncredibleBank – Applied Banno and Artificial Intelligence (AI) to improve customer service responsiveness and reduce the time it takes to answer Spanish-speaking inquiries by around 30%.

• The Integrator: This award celebrates two fintechs for improving the user experience and financial health of both consumers and businesses.
  • DoubleCheck Solutions – Helps financial institutions modernize their NSF and overdraft practices by putting freedom and control back in consumers' hands.
  • FINBOA – Its Payment Disputes solution has led to a 90% reduction in intake processing efforts and other improved efficiencies.

Descriptions of the winning campaigns, in addition to details about the Cobalt Awards, are available on Jack Henry's website. Each winning organization receives a $10,000 donation to a charity of their choice, in addition to attending Jack Henry Connect in person and additional promotion.  

"At Jack Henry, our mission is to strengthen the connections between people and their financial institutions through technology and services that reduce barriers to financial health," said Greg Adelson, President and CEO of Jack Henry. "These organizations have gone above and beyond in advancing that mission, and we are honored to recognize and celebrate their outstanding work."

Nominations for the 2025 Cobalt Awards will open in the spring. You can learn more about the awards and sign up to be notified when registration opens for next year by visiting jackhenry.com/Cobalt-Awards.

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.

Statements made in this news release that are not historical facts are "forward-looking statements." Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company's Securities and Exchange Commission filings, including the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.

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SOURCE Jack Henry & Associates, Inc.

FAQ

What are the Jack Henry Cobalt Awards and when were they first introduced?

The Jack Henry Cobalt Awards are annual awards launched in 2024 to recognize financial institutions and fintechs for innovation, community dedication, and commitment to financial freedom.

Who won the Barrier Breaker award in the inaugural Jack Henry Cobalt Awards?

BankPlus won for banks and Fibre Federal Credit Union won for credit unions in the Barrier Breaker category of the inaugural Jack Henry Cobalt Awards.

What is the prize for winning a Jack Henry Cobalt Award?

Winners of a Jack Henry Cobalt Award receive a $10,000 donation to a charity of their choice, attendance at Jack Henry Connect, and additional promotion.

When will nominations open for the 2025 Jack Henry Cobalt Awards?

Nominations for the 2025 Jack Henry Cobalt Awards will open in the spring of 2025. Interested parties can sign up for notifications at jackhenry.com/Cobalt-Awards.