Quail Creek Bank Chooses Jack Henry to Stay Competitive and Enhance Customer Experience

Rhea-AI Summary

Jack Henry (NASDAQ: JKHY) announced that Quail Creek Bank, a single-location community bank in Oklahoma City with $800 million in assets, has chosen Jack Henry to enhance its competitive edge and customer experience. The bank aims to leverage Jack Henry's SilverLake System® to automate internal processes, enable real-time payments, digital account opening, and electronic document delivery. Celebrating its 50th anniversary, Quail Creek Bank plans to maintain its local decision-making and quality customer service amidst competition from megabanks and regional institutions. The bank's technology modernization plan also includes better vendor integration through Jack Henry's open ecosystem, providing access to over 950 API-integrated third-party fintechs.

Positive

• Quail Creek Bank's adoption of Jack Henry's SilverLake System® is expected to automate internal processes, improving efficiency and reducing errors.
• The new technology plan includes real-time payments, digital account opening, and electronic document delivery, enhancing customer experience.
• The integration with over 950 third-party fintechs via Jack Henry's open ecosystem offers enhanced vendor integration, supporting the bank's modernization efforts.

Negative

• None.

Insights

Financial Analyst

Quail Creek Bank's decision to implement Jack Henry's SilverLake System® is significant for several reasons. First, the movement towards greater automation and efficiency is essential in an evolving financial landscape, especially for a community bank facing competition from larger institutions. The $800 million in assets indicates a solid foundation, but the need to remain competitive necessitates this modernization. By automating internal processes, the bank can significantly reduce labor costs and error rates, directly impacting the bottom line positively. Additionally, the enhancement in customer experience—through features like real-time payments and digital account opening—can lead to higher customer retention and acquisition, further bolstering the bank's growth prospects.

While the long-term benefits are clear, there are also potential short-term drawbacks to consider. The transition period to the new system can be challenging, with possible disruptions in services and additional training costs for staff. However, these obstacles are generally temporary and the strategic advantages outweigh the initial downsides.

Tech Expert

Jack Henry's open ecosystem, providing access to over 950 API-integrated third-party fintechs, is a standout feature. This open architecture empowers Quail Creek Bank to seamlessly integrate with various fintech solutions, thus staying abreast with technological advancements in the banking sector. The ability to offer real-time payments and electronic document delivery is not just about staying competitive; it's about setting a new standard in customer convenience and satisfaction. This move also aligns with broader industry trends towards digital transformation in banking, where real-time services are becoming the norm.

The open ecosystem model offers flexibility and future-proofing, allowing the bank to adapt and scale its services as new technologies emerge. The potential for innovation is substantial, as it can continuously enhance its service offerings without being constrained by proprietary systems.

Bank to gain automation, efficiencies, and integrated technology to support community growth

MONETT, Mo., June 26, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that Quail Creek Bank selected Jack Henry to stay competitive in a growing market while improving both the customer and employee experience.

Quail Creek Bank is a unique, single-location community bank in the heart of Oklahoma City, Oklahoma, with $800 million in assets. The bank, which celebrates its 50th anniversary this year, remains committed to its original philosophy of serving small businesses and individuals in the community. It plans to do so with a technology plan that will provide a leading digital experience, automation, and efficiencies, allowing the bank to focus its efforts on the community.

Oklahoma City is the 20^th largest city in the U.S. and continues to grow at a steady rate. Over the years, the bank's competitive landscape has shifted from community banks to megabanks and regional institutions. This positions Quail Creek Bank to benefit from retaining its differentiators of local decision-making and ownership, and gain new business based on its reputation for quality customer service.

This new technology plan will support the bank's community approach and prepare it for the future. Jack Henry's SilverLake System^® will automate internal processes and create efficiencies, while new capabilities like real-time payments, digital account opening, and electronic document delivery will improve the customer experience.

"Our main pain point, and the driver behind the core review process, was to improve efficiency. For example, changing a customer's address currently requires us to input the information manually through nine different systems," says Erin Batey, Chief Communications & Innovations Officer at Quail Creek Bank. "The move to Jack Henry will transform the way our employees work, reduce errors, and provide more time to dedicate to our customers. If we are more efficient and stable, our customers get better products and an improved banking experience, and we can continue to provide the quality service we are known for."

Jack Henry's open ecosystem and the access to over 950 API-integrated, third-party fintechs was also a driver for Quail Creek Bank. "The second step in our technology modernization plan is faster and better vendor integration," Batey adds. "Jack Henry's open strategy and the ability to easily integrate with third-party vendors is unique in the industry and shows their commitment to escalating community banking. We're confident that we have selected a technology provider that is not only innovative but prioritizes hiring good people and doing the right thing."

"Industry consolidation and the growth of urban areas like Oklahoma City has changed the competitive landscape for many community banks like Quail Creek Bank," said Stacey Zengel, Senior Vice President of Jack Henry and President of Bank Solutions. "Consumers compare their digital offerings to those of regional and big banks. Jack Henry can empower these institutions to stay technologically competitive and improve their efficiency, while helping them continue to provide the personalized experience they're known for."

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.  

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SOURCE Jack Henry & Associates, Inc.

FAQ

What is the significance of Quail Creek Bank choosing Jack Henry?

Quail Creek Bank's decision to adopt Jack Henry's technology aims to enhance its competitive edge, improve internal efficiencies, and offer a superior customer experience.

How will Jack Henry's technology benefit Quail Creek Bank?

The SilverLake System® will automate processes, enable real-time payments, digital account opening, and electronic document delivery, thus improving efficiency and customer service.

What competitive challenges does Quail Creek Bank face?

Quail Creek Bank is competing with megabanks and regional institutions, necessitating technological advancements to maintain its competitive edge and quality service.

What role does Jack Henry's open ecosystem play in Quail Creek Bank's strategy?

Jack Henry's open ecosystem allows Quail Creek Bank to integrate with over 950 API-integrated third-party fintechs, enhancing vendor integration and supporting technological modernization.

What are the expected outcomes of Quail Creek Bank's technology plan with Jack Henry?

The plan is expected to improve internal efficiencies, reduce errors, and provide a better customer experience, helping the bank stay competitive and serve its community effectively.