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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 Georgia United Credit Union has transitioned its Episys core platform to Jack Henry's private cloud environment. This $1.6 billion-asset credit union aims to enhance oversight, efficiency, and stability through this move. Over 60% of Jack Henry's core credit union customers have adopted the private cloud due to its security and data resiliency, allowing credit unions to focus on IT differentiation. The migration supports rapid technological advancement and positions Georgia United for continued growth.
Jack Henry & Associates declared a regular quarterly cash dividend of $.43 per share. This dividend will be payable on December 22, 2020, to stockholders of record by December 2, 2020. As of November 12, 2020, there were 76,317,581 shares outstanding. The company, known for its technology solutions in the financial services sector, serves approximately 8,700 clients across three divisions, supporting various financial institutions with innovative digital solutions.
Jack Henry & Associates (NASDAQ: JKHY) has partnered with Fidelity Bank & Trust to enhance its technology infrastructure using Jack Henry's core, deposit, and lending solutions. Fidelity, which boasts nearly $1.5 billion in assets, sought a modernized system for operational efficiency and competitive growth. The migration to Jack Henry's SilverLake System in a private cloud environment has integrated previously siloed systems, improving processes and service delivery. Jack Henry provided crucial support during a recent natural disaster, reaffirming their commitment to customer service and technology advancement.
Jack Henry & Associates (JKHY) reported a 3% increase in GAAP revenue to $451.8 million for Q1 fiscal 2021, with GAAP EPS rising to $1.19. Non-GAAP revenue grew by 5%, and adjusted operating income rose by 7%. Cash increased by 102% year-over-year, totaling $195.3 million, with no debt reported. Full-year fiscal 2021 guidance anticipates GAAP revenue between $1,760 million and $1,770 million. Despite challenges from the COVID-19 pandemic, the company demonstrated resilience through strong operational performance and a focus on technological solutions in the financial services sector.
Jack Henry & Associates (NASDAQ: JKHY) announces a live Webcast for its first quarter fiscal year 2021 earnings call on November 5, 2020. The earnings press release will be shared post-market close on November 4, 2020. The Webcast starts at 7:45 a.m. Central, accessible via www.jackhenry.com. An archived replay will be available shortly after the live call. Jack Henry serves around 8,700 clients across the financial services sector, reinforcing its position in digital solutions and payment processing.
On October 21, 2020, Jack Henry & Associates (NASDAQ: JKHY) announced that its Banno Digital Platform received 2020 WebAwards for excellence in digital experience. Think Bank won for Best Bank Website, Cornerstone Community Financial Credit Union for Credit Union Standard of Excellence, and Providence Bank for Outstanding Website. The WebAwards acknowledge exceptional websites based on design, innovation, and user interaction. The demand for strong digital capabilities has surged due to the pandemic, with 80% of consumers now managing finances without visiting bank branches.
Jack Henry & Associates (NASDAQ: JKHY) announced its commitment to support the American Bankers Association's Bank On initiative, aimed at providing low-cost, Bank On-certified accounts to unbanked and underbanked populations. With the help of their Jack Henry Banking division, the company will offer resources and guidance to banks nationwide to simplify the certification process. Currently, over 40 banks already participate, enhancing financial access and stability for millions of Americans. Jack Henry's participation emphasizes its commitment to social responsibility within the financial services sector.
Jack Henry & Associates (NASDAQ: JKHY) has partnered with United Texas Bank to implement its SilverLake System core system, enhancing the bank's operational efficiency and digital capabilities. United Texas Bank, which has grown from $170 million to $1 billion in assets in eight years, chose Jack Henry for its automation and advanced digital solutions. The seamless conversion, executed with 90% of staff working remotely, allows the bank to scale operations without increasing resources while improving customer experience with digital services such as JHA OpenAnywhere.
Jack Henry & Associates (NASDAQ: JKHY) announced an expanded partnership with Native American Bank to enhance digital banking services. The Denver-based bank will implement JHA OpenAnywhere for digital account openings and Branch Anywhere for mobile access to banking functionalities, improving customer experience and accessibility. Native American Bank, the only national American Indian-owned CDFI, aims to provide better services for its community, where accessing traditional banking can be inconvenient. This partnership reflects Jack Henry's commitment to modernize banking for underserved markets.
On October 1, 2020, Computer Service Professionals, Inc. (CSPI) announced the acquisition of the CruiseNet® core solution and related operations from Jack Henry & Associates, Inc. This deal positions CSPI to enhance its market share and product offerings in the credit union sector. The CruiseNet platform, built on .Net architecture, will be rebranded as Aurora Advantage CU, with plans to introduce a new digital banking platform in 2021. CSPI aims to retain all employees from the Charlotte, North Carolina office to ensure a seamless transition for clients.
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