FirstBank Expands Partnership with Jack Henry to Digitize Lending

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Aug 11, 2021

FirstBank Expands Partnership with Jack Henry to Digitize Lending

Rapidly growing bank modernizes commercial lending, extending digital-first approach

MONETT, Mo., Aug. 11, 2021 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, Jack Henry Lending announced that the $11.9 billion-asset FirstBank has expanded its partnership with Jack Henry, selecting the company's digital commercial loan platform to create efficiencies while digitizing the experience for both borrowers and lenders.

The Nashville, Tenn.-based bank completed a large acquisition last year, presenting an opportunity to enhance the commercial lending process with new speed and accuracy. FirstBank developed its list of requirements for a new platform based on conversations with frontline lenders. They wanted to streamline and standardize the process, digitize workflows, and enhance reporting to boost transparency and data integrity. Jack Henry met those needs and more, providing the bank with a platform that will save time while creating a more digital, innovative, and user-centered experience for all involved.

Wade Peery, chief administrative officer of FirstBank, explained, "We've enjoyed a successful relationship with Jack Henry for years; they have a strong reputation in the digital space because of their dedication to exceptional service, focus on simplified borrower experiences, and eagerness to do the right thing. As the industry embraces digital acceleration, Jack Henry's digital commercial lending platform puts us in a position of strength. It will allow us to meet borrowers where they are, making our interactions more meaningful and convenient. Plus, the platform seamlessly integrates with our core, creating efficiencies that will help us fulfill loans more quickly."

The bank already partners with Jack Henry for its core system, digital banking and payments solutions Jack Henry also hosts the bank's IT infrastructure in its private cloud environment. Peery continued, "Our partnership with Jack Henry enabled us to meet customer needs during this last year, competing on a personal and remote level that others could not. Our customer feedback is a testament to this success. For instance, our App Store rating has more than doubled since we began using the Banno Digital Platform™. We look forward to applying this same digital-first approach enterprise-wide, one that leverages modern technology to enhance – not replace – human interaction."  

Gary Lewis, head of Jack Henry Lending, stated, "The stakes have never been higher for providing a fully streamlined digital lending experience; borrowers across the country need quick access to capital, and lenders have no time to waste on inefficient, cumbersome manual processes. Institutions like FirstBank are investing in modern technology that allows them to minimize the mundane, automating workflows to create more time for lenders to meaningfully interact with borrowers. This allows them to strengthen relationships, optimize productivity and deliver much-needed cash to borrowers' pockets faster."

About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ: JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 8,700 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; 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.

Company: Jack Henry & Associates, Inc., Analyst Contact: Vance Sherard, 663 Highway 60, P.O. Box 807, Director of Investor Relations, Monett, MO 65708, (417) 235-6652, Press Contact: Heather Sugg, Relations Representative, (954) 854-6203