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Jack Henry & Associates, Inc.® (Nasdaq: JKHY) is a prominent financial technology company that has been empowering financial institutions for over 47 years. Known for its commitment to openness, collaboration, and user-centric solutions, Jack Henry provides core processing and complementary services to nearly 7,500 clients, including banks and credit unions, primarily in the United States. The company's robust suite of products and services includes core banking platforms like SilverLake, CIF 20/20, and Core Director, as well as credit union platforms such as Episys and Cruise.
Jack Henry's integrated computer systems support in-house and outsourced data processing, covering crucial aspects like deposit, loan, and general ledger transactions. The company's offerings extend to business intelligence and management solutions, internet banking, EFT solutions, risk management, item and document imaging, payment processing solutions, and professional services.
Recent achievements highlight Jack Henry's continuous innovation. The company's digital banking platform Banno recently integrated with Bits of Stock, allowing community financial institutions to offer stock rewards to customers. This integration enhances Jack Henry's ecosystem of over 950 fintechs, bringing modern financial products to approximately 7,500 financial institutions.
In fiscal second quarter 2024, Jack Henry reported deconversion revenue of $4.9 million, with full-year guidance maintaining estimates at $16 million. Deconversion revenue, typically arising from customer acquisitions by other institutions, is not reflective of Jack Henry's core operations but is significant for financial reporting.
Notable partnerships include Legacy Bank & Trust, which doubled its asset size by leveraging Jack Henry's scalable hosted core processing solution, and United Bank, which selected Jack Henry to modernize operations and improve customer experience through tools like the Banno Digital Platform™ and LoanVantage®. Additionally, the successful merger of UniWyo Credit Union and Reliant Federal Credit Union was facilitated by Jack Henry's seamless data conversion and integration capabilities, showcasing the company's ability to support significant transformation projects.
As an S&P 500 company, Jack Henry remains dedicated to helping clients innovate, differentiate, and compete effectively in the evolving financial landscape. The company's people-inspired innovation and personal service continue to reduce barriers to financial health, fostering strong connections between financial institutions and the communities they serve. For more information, visit the official website at www.jackhenry.com.
Jack Henry (Nasdaq: JKHY) has been chosen by three community banks—First Community Bank, Sunrise Bank, and Today's Bank—to enhance their banking services through its advanced technology solutions. These banks aim to provide improved user experiences for both retail and business customers, leveraging Jack Henry's scalable digital banking solution, Banno Business, set to launch in July 2023. First Community Bank, with assets of $450 million, plans to grow its business accounts by 10% annually, while Sunrise Bank aims for over 30% asset growth in the coming years. Today's Bank, a $300 million asset institution, seeks to strengthen its digital service strategy. Jack Henry's technologies will streamline operations, automate processes, and enhance customer engagement, supporting these banks in meeting their growth objectives.
Jack Henry & Associates (Nasdaq: JKHY) announced it will host a live Webcast for its Q3 fiscal year 2023 earnings conference call on May 3, 2023. The related earnings press release will be issued after market close on May 2, 2023. Interested parties can access the Webcast on Jack Henry's website beginning at 7:45 a.m. Central (8:45 a.m. Eastern). For dial-in participation, the US number is 833-630-0605, with international access at +1 412-317-1830. An archived replay will be available on the website approximately one hour after the call.
Jack Henry, a member of the S&P 500, has provided technology solutions to about 8,000 clients for over 46 years, focusing on user-centric innovation in the financial technology sector.
Jack Henry (Nasdaq: JKHY) announced that Georgia United Credit Union has launched a new digital banking platform aimed at enhancing member experiences. This $2 billion-asset credit union, operating since October 2022, provides custom-built services that align with growth goals. With the new platform, over 90% of existing users have transitioned, allowing for enhanced self-service options. The platform utilizes open-API infrastructure, enabling faster development and rollout of services. Feedback has been positive, with improved reliability and stability reported. Jack Henry emphasizes the role of open infrastructure in financial growth and member engagement.
Jack Henry (Nasdaq: JKHY) has expanded its partnership with Farmers & Merchants Bank, a $1.25-billion asset community bank in Virginia. This collaboration aims to enhance F&M Bank's service offerings and operational efficiencies for retail and commercial accounts. The bank will utilize Jack Henry's Banno Business platform to facilitate business and agricultural accounts and deploy advanced treasury management services. F&M Bank, established in 1908, focuses on customer service, community involvement, and innovative banking solutions. This partnership underscores the importance of community banks and technology in providing essential financial services.
SMA Technologies has expanded its partnership with Jack Henry to enhance operational efficiencies for banks using the SilverLake data center. This collaboration leverages SMA's OpCon Workload Automation & Orchestration to automate workflows for both banks and credit unions, meeting the growing demand for operational efficiency in the financial sector. According to a recent Jack Henry study, 44% of financial institution CEOs prioritize operating efficiency, with automation as a key element. This expanded relationship aims to provide seamless API connectivity, improving visibility and control for clients while automating critical processes.
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