Jack Henry & Associates (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that Hope, Arkansas-based First National Bank has selected Jack Henry Banking's CIF 20/20 core processing system to provide enterprise-wide automation.
This bank, which has more than $274 million in assets, will implement CIF 20/20 through Jack Henry Banking's outsourced offering.
According to Carol Smith, senior vice president of operations for First National Bank, "Our bank was at a crossroads. We were facing a renewal with the provider of our long-time in-house system, and our aggressive growth and market expansion plans require a top tier technology platform. Vendor and release management had become a nightmare since our bank is dependent on numerous vendors and disparate products and services that lack the integration we want and need. And we were very interested in evaluating the cost and operational benefits of in-house vs. outsourced processing. So we initiated the process of finding a technology partner that could serve our bank as a single source provider and an integrated technology platform that could meet our near- and long-term information and transaction processing requirements. Jack Henry Banking clearly demonstrated that CIF 20/20 is a functionally robust core system, that it provides the vast majority of the fully integrated complementary solutions we need, and that it has a distinct commitment to customer support and service. We are confident that Jack Henry Banking provides the technology we need to better serve our customers, expand our product offering, compete more aggressively, and increase our operating efficiency."
Monica Minter, CFO of First National Bank, added, "We elected to move from in-house processing to outsourcing based on several strategic advantages we expect to realize. Outsourcing will let us leverage Jack Henry Banking's extensive infrastructure and processing environment which will eliminate the capital expenditures required for in-house systems, the need for resident resources to operate and manage our in-house data center, and long-term capacity planning. Outsourcing will also provide our bank with the ability to focus on our core competencies with ongoiies with ongoing access to advancing technology, regulatory compliance, and Jack Henry Banking's technology and security experts."
Fred Wren, president and CEO, concluded, "We justified converting to a new technology platform, which is a significant undertaking for any bank, by identifying material benefits we expect to realize by moving to Jack Henry Banking and CIF 20/20. Replacing multiple vendors with a consolidated technology partnership with Jack Henry Banking will streamline and simplify our business. Replacing our silos of technology with an integrated platform that provides enterprise-wide automation will generate significant operational and cost efficiencies. And after contacting numerous banks automated by Jack Henry Banking's solutions, we are confident we will benefit from doing business with a company that delivers outstanding service."
CIF 20/20 is automating approximately 800 banks, making it the most widely used IBM® PowerTM System-based core processing system in the community bank sector. CIF 20/20 supports growth-focused, service-oriented banks - ranging from start-up de novo institutions to banks with more than a billion dollars in assets - by integrating parameter-driven core functionality with more than 70 complementary products and services. CIF 20/20's browser user interface, open architecture and relational database technology, ability to support both in-house and outsourced operating environments, and scalable hardware platform maximize operating flexibility and seamlessly support diverse banks' technology requirements.
Stan Viner, general manager of sales for Jack Henry & Associates, said, "A fundamental tenet of our success is the ability to provide the business tools banks need to serve their existing customers and attract prospective customers in today's highly competitive business environment, to continually improve bank performance, and to successfully respond to the dynamic trends that shape the financial services industry. We are confident that we provide the core functionality and complementary solutions First National Bank expects to gain with a new technology platform, and we welcome the addition of this bank to our client roster."
In addition to CIF 20/20, First National Bank will initially implement an array of Jack Henry Banking's complementary solutions including StreamLine Platform Automation - Deposits, StreamLine Platform Automation - Loans, Vertex Teller Automation System, NetTeller Online BankingTM, NetTeller Cash Management, the NetTeller Bill Pay electronic bill payment solution, Electronic Statements, the InTouch Voice Response telephone banking solution, the BIG Rewards customer rewards and loyalty solution, Remote Deposit Capture, 4|sight Item Imaging, components of the modular Synergy Enterprise Content Management (ECM) solution, the jhaPassPort ATM and debit card solutions, and the TimeTrack Payroll System.