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Overview of Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. is a well-established financial technology company that provides integrated core processing and digital banking solutions to commercial banks, credit unions, and other financial institutions. Its industry-specific software systems offer comprehensive support for deposit, loan, and general ledger processing, while also ensuring centralized customer data management. The company operates within the competitive digital banking and fintech sectors, positioning itself as a major provider for the small to midsize financial institution market.
Core Business and Platforms
At the heart of Jack Henry's operations is a suite of robust, scalable platforms designed to streamline banking operations. These include three prominent banking platforms tailored for different types of financial institutions and two specialized credit union platforms. By offering diversified software solutions such as integrated applications for transactional processing alongside complementary technologies, Jack Henry addresses the operational needs of its clients while enhancing efficiency and security.
Complementary Services and Solutions
In addition to core system processing, Jack Henry extends its service offering with a range of value-added products. Its portfolio includes business intelligence and management solutions, retail delivery capabilities, EFT services, internet banking solutions, risk management systems, document imaging, and payment processing modules. These services are crafted to support banks and credit unions by reducing operational risks, mitigating costs, and expanding service capabilities through an open, modern, and customizable technology ecosystem.
Operational Excellence and Customer Focus
Jack Henry places a strong emphasis on the user centricity and openness of its solutions, ensuring that even community-based financial institutions can leverage modern technology to remain competitive. Known for its collaborative approach, the company integrates well with leading fintech partners, fostering innovation and continuous improvement within its service offerings. This strategy is supported through both on-premise and cloud-hosted solutions, which drive operational efficiency and streamline processes across the board.
Market Position and Strategic Importance
Serving a diverse client base that includes hundreds of banks and credit unions, Jack Henry holds a significant position in the financial technology space. It is renowned for its ability to deliver high-quality, user-friendly, and secure solutions that are crucial for routine banking operations and regulatory compliance. The company has consistently demonstrated its expertise by supporting institutional mergers, facilitating data conversion during acquisitions, and offering modern digital payment solutions. This robust ecosystem not only helps banks and credit unions manage their daily operations but also positions them to address emerging market challenges through advanced technological integration.
Technological Integration and Industry Impact
Through its vibrant ecosystem of internally developed capabilities and open architecture, Jack Henry empowers financial institutions to innovate rapidly. The company’s technology enables seamless integration with third-party fintech services, providing flexibility and scalability required for dynamic market conditions. Its emphasis on a customizable platform means that clients enjoy tailored solutions that address specific operational needs, from improving customer interactions to enhancing back-end processing and risk management.
Overall, Jack Henry & Associates, Inc. is distinguished by its expert handling of complex financial processes, its comprehensive suite of integrated solutions, and a commitment to empowering financial institutions through innovative technology. Its multi-faceted approach addresses operational challenges head-on, thereby facilitating faster innovation, efficient service delivery, and enhanced customer experience without compromising on security or reliability.
Jack Henry & Associates (NASDAQ: JKHY) announced that two financial institutions using its Banno Content web hosting services were honored with 2021 WebAwards. The Bank of Princeton received the Best Bank Website award, while AVB Bank was recognized for Bank Standard of Excellence. The WebAwards evaluate websites on design, activity, and innovation. Bank representatives highlighted increased website traffic and customer engagement attributed to the modernized sites, contributing to business growth.
Jack Henry & Associates (NASDAQ: JKHY) has partnered with Finicity, Akoya, and Plaid to enhance security and user experience on the Banno Digital Platform. The integrations eliminate screen scraping, allowing nearly 6 million consumers to securely share financial data through their institutions. Ben Metz emphasized the benefits for community financial institutions to compete effectively against larger banks. The Banno Digital Toolkit offers extensive customization and seamless digital banking experiences, positioning Jack Henry as a leader in cloud-based solutions.
Member Driven Technologies (MDT) announced OMNI Community Credit Union's implementation of Jack Henry's JHA PayCenter™ to enhance faster payment options for members across Michigan. This move follows OMNI's approval for a state-wide membership expansion, aiming to meet rising demands for swift payment services, competing with platforms like PayPal and Venmo. MDT emphasizes the strategic importance of providing instant payment capabilities to retain members and maintain competitive advantage in the growing digital payments landscape.
Jack Henry & Associates (NASDAQ: JKHY) announced a partnership with the $1.5 billion Crews Banking Corporation, aimed at modernizing its technology across lending, digital, and core operations. Crews Banking, which operates four banks in Florida, will transition to Jack Henry's SilverLake System, enhancing operational efficiency and compliance. This collaboration includes leveraging Jack Henry's digital loan platform and Banno Digital Platform to improve customer experience and streamline lending processes. The move is expected to boost Crews Banking's competitive position in the market.
Jack Henry & Associates (NASDAQ: JKHY) announced that over 300 banks and credit unions are now utilizing its Gladiator Centurion Enterprise-Level Recovery™ (CELR) solution, enhancing their backup and recovery capabilities. The adoption of CELR has increased data backup by 80% over the last 18 months, addressing growing cybersecurity threats like ransomware. The service ensures quick data restoration and compliance with security regulations, strengthening client trust. Matt Riley, President of ProfitStars, emphasized the significance of this solution in mitigating risks and supporting financial institutions during crises.
Jack Henry & Associates (NASDAQ: JKHY) announced that CFO Kevin Williams will present at the D.A. Davidson 20th Annual Software and Internet Conference on September 9, 2021, starting at 8:30 a.m. EST. The presentation will be available via a live audio webcast, and a replay will be accessible later on the company's investor relations website. Jack Henry is a leading provider of technology solutions primarily for the financial services sector, serving around 8,500 clients through its three divisions.
Jack Henry & Associates (NASDAQ: JKHY) announced that five community banks have chosen its Core Director core system in H1 CY21, deploying it in a private cloud environment. The banks opted for Jack Henry due to its open architecture and modern digital tools, which enhance efficiency and customer service. The First National Bank of Peterstown noted improvements in data integration and operational accuracy, while First National Bank of Jeanerette aims to streamline processes enterprise-wide. Jack Henry's solutions position these banks competitively against larger institutions.
Jack Henry & Associates (NASDAQ: JKHY) has launched SecurePort, a Sheltered Harbor solution aimed at enhancing data recovery for banks using the SilverLake System core. This solution helps banks prepare for system failures by securely vaulting critical data, ensuring 99.999999999% durability with fast restoration in under 30 minutes. Currently, approximately 1,700 financial institutions will gain access to SecurePort in 2022, enhancing customer security and confidence in financial systems.
Jack Henry & Associates (NASDAQ: JKHY) announced a quarterly cash dividend of $.46 per share, payable on September 29, 2021, to stockholders of record by September 9, 2021. This decision reflects the company's ongoing commitment to shareholder returns, with 74,013,999 shares outstanding as of August 18, 2021. Jack Henry provides technology solutions for the financial services sector, serving approximately 8,500 clients across its three divisions.
Jack Henry & Associates reported a successful fiscal year ended June 30, 2021, with GAAP revenue increasing 4% to $1.758 billion and GAAP EPS rising 7% to $4.12. The fourth quarter showed even stronger growth, with revenue up 10% and operating income up 25%. Non-GAAP adjusted revenue climbed 6%, while operating income rose by 13%. For fiscal 2022, the company projects GAAP revenue between $1.902 billion and $1.911 billion, with EPS forecasted at $4.53 to $4.60. Despite challenges from COVID-19, Jack Henry remains optimistic about future growth in technology solutions and customer relationships.
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