Old Missouri Bank Selects Jack Henry to Power New Growth and Digital Brand
On January 5, 2022, Jack Henry & Associates (NASDAQ: JKHY) announced that Old Missouri Bank (OMB) selected its modern open banking platform to support its expansion. OMB is set to launch a new digital bank in early 2023, targeting personal and commercial clients nationwide. Jack Henry’s flexible infrastructure enables seamless integration with fintech services, helping OMB achieve its ambitious growth strategies. This partnership aims to enhance customer experience, diversify OMB's offerings, and increase asset volume, with expectations to double or triple assets in three years.
- OMB plans to launch a new digital bank in early 2023, expanding its reach nationwide.
- Jack Henry's open banking platform allows OMB to integrate with various fintechs, enhancing its services.
- OMB aims to double or triple its assets in the next three years, indicating strong growth potential.
- None.
MONETT, Mo., Jan. 5, 2022 /PRNewswire/ -- Jack Henry & Associates, Inc.® (NASDAQ: JKHY) announced today that Old Missouri Bank (OMB) selected Jack Henry to provide a modern and open banking platform as part of the bank's expansion.
Springfield, Mo.-based OMB is building a new digital bank, launching in early 2023, with the aim to expand geographically and serve customers nationwide. The bank plans to serve all types of customers, from personal banking customers to small and mid-sized businesses and large corporate clients. Adding new features and functionality to the bank's previous banking platform proved too expensive and time-consuming. Jack Henry's infrastructure is open and flexible, allowing the bank to access a variety of fintechs, building a unique and competitive ecosystem. The bank can integrate directly with the Jack Henry banking system using jXchange™ or with the Banno Digital Platform™ using the Banno Digital ToolkitSM.
Stephen Bishop, chief operating officer at OMB, explained, "Delivering an exceptional experience to our customer base is the core of what we do. Jack Henry gives us the tools to execute our customer promise while giving us the scale, infrastructure, and openness we need to build a well-rounded and competitive portfolio to meet very ambitious growth goals. This new business plan will position our community bank to double or even triple our assets in the next three years while not only maintaining but growing our commitment to serving our customers and community we're built upon."
In addition to the Jack Henry banking system and Banno Digital Platform, OMB is leveraging Jack Henry's digital lending, deposit, and payment solutions. Automating the commercial lending process will create a more seamless and user-friendly experience for both borrowers and lenders. The bank also added Jack Henry's treasury management services to help mid-sized to large commercial customers manage day-to-day cash flow as well as long-term financial positioning, thus diversifying its portfolio while increasing deposits to lower the cost of lending.
Bishop added, "We are committed to providing excellent service while building strong, long-term relationships. We never question the dedication and hard work that is needed to get the job done, and we see that in Jack Henry as well. The company is aligned with our vision for growth and modern banking and truly understands our commitment to community. Their open banking capabilities, combined with their proven and effective technologies, are what we need to reach our goals."
Stacey Zengel, senior vice president of Jack Henry & Associates and president of Jack Henry Banking, said, "OMB is scaling the values and service its established in Missouri to a larger audience in need of digital banking with personal support. It is building a financial experience that will compete with any large bank or fintech, and one that will win on service. This is exactly why we built Jack Henry's open platform. As a well-rounded financial technology company, we are proud to service the bank in such a pivotal moment in its history."
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® 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.
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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