CFG Bank Turns to Jack Henry to Modernize Technology and Scale Niche Services

Rhea-AI Summary

Jack Henry (Nasdaq: JKHY) was selected by CFG Bank to modernize core and digital technology as CFG expands past $5 billion in assets. CFG implemented Jack Henry's core processing platform, the Banno Digital Platform for retail channels, and Enterprise Workflow to replace manual processes. Jack Henry's public-cloud service components and an open ecosystem with access to more than 950 API-integrated fintech partners are intended to help CFG scale its healthcare bridge-to-HUD lending niche and support continued growth after expanding from $1 billion in assets at end-2019 to more than $5 billion today.

Positive

• Assets grew from $1B (end-2019) to >$5B today
• Implemented Jack Henry core processing platform
• Deployed Banno Digital Platform to enhance retail experience
• Access to 950+ API-integrated fintech partners to scale services
• Adopting Enterprise Workflow to replace manual processes

Negative

• None.

Insights

Banking technology strategist

Jack Henry wins a meaningful core and digital contract with CFG Bank, supporting CFG's rapid scale and Jack Henry's product adoption.

CFG Bank, a privately owned bank that grew from $1 billion in assets at end of 2019 to more than $5 billion, selected Jack Henry to replace its core and deploy consumer-facing and workflow solutions. The move places Jack Henry's core processing, the Banno Digital Platform, and an Enterprise Workflow solution at the center of CFG's operations, and exposes CFG to Jack Henry's ecosystem of more than 950 API-integrated fintech partners. This contract aligns product functionality (core, digital, workflow, public cloud services) with CFG's emphasis on relationship banking and a small branch footprint.

Key dependencies and risks include the successful technical migration to Jack Henry's modern core and cloud-delivered components, and CFG's ability to operationalize workflow changes without disrupting lending and client servicing. The announcement provides concrete evidence of demand for integrated core-plus-digital stacks from fast-growing regional lenders, but it does not disclose contract value, implementation timeline, or measurable cost or revenue impacts, so impact must be judged from the strategic fit rather than financial detail.

Monitor implementation progress, any disclosed contract or recurring revenue figures, and product adoption signals over the next 12 months; the press date Dec 4, 2025 anchors the start of this relationship. Those items will reveal whether the engagement translates into material revenue or broader platform validation for Jack Henry.

$5 billion-plus-asset bank adopts new core and digital solutions to accelerate innovation, strengthen relationship banking, and support long-term growth

MONETT, Mo., Dec. 4, 2025 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that CFG Bank ("CFG"), the largest bank headquartered in Baltimore, selected Jack Henry to modernize its technology infrastructure and fuel its growth trajectory.

Founded in 2009, CFG Bank primarily serves commercial clients of all sizes, while also offering banking services to retail customers in-branch and through digital channels. The bank is unique in its private ownership model and an entrepreneurial approach grounded in a commitment to relationship banking. CFG is among the largest and most experienced healthcare bridge-to-HUD lenders in the country, a unique niche with a strong marketplace need. Combining healthcare lending expertise with a commitment to tailored financing solutions, and nimble decision-making, has led CFG to rapid growth, expanding from $1 billion in assets at the end of 2019 to more than $5 billion today.

To sustain this momentum, CFG implemented Jack Henry's core processing platform, a modern and flexible platform that is streamlining operations and giving the bank greater control over its data. Consumer-facing products like the Banno Digital Platform™ are enhancing the retail experience, which is important given the bank's small branch network. The bank will deploy Jack Henry's Enterprise Workflow solution to replace manual processes and boost efficiency. Jack Henry's open ecosystem and access to more than 950 API-integrated fintech partners will allow CFG to scale its niche services, introducing the right solutions to meet client needs.

"Our business has grown quickly, and we needed a modern technology foundation that would give us greater efficiency and better control over our data," said Deborah Kakaris, Executive Vice President, Chief Risk & Information Officer at CFG Bank.

"We don't think or operate like a traditional bank. Our approach is innovative and entrepreneurial, and we look for those same qualities in the companies with whom we work. We recognized that same mindset in Jack Henry, along with flexibility and responsiveness that stood out. Just as important, their relationship-focused culture mirrors our own, making them the right fit for CFG," added Erik Howard, President of CFG Bank.

Jack Henry will deliver a steady stream of modern service components in the public cloud, allowing CFG to adopt new capabilities as it continues to grow. Kakaris added, "Jack Henry's strategy reflects where core technology is heading. We explored implementing public cloud systems ourselves before deciding that it was not the right direction for us currently. Knowing their active and robust roadmap is focused around this constantly evolving approach was a key factor in our decision. With Jack Henry, we know our technology will grow with us as we expand in size and sophistication; there is still so much more to explore."

"CFG Bank has grown rapidly by combining an entrepreneurial mindset, a niche focus and a strong commitment to relationship banking," said Jonathan Baltzell, President of Bank Solutions at Jack Henry. "They needed a technology infrastructure that could match that pace of growth and innovation while preserving the culture that makes them unique. We're here to support their vision with modern and open solutions that streamline operations, meet client expectations, and a forward-looking roadmap that will keep them growing on their own terms."

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 nearly 50 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 7,400 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at jackhenry.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cfg-bank-turns-to-jack-henry-to-modernize-technology-and-scale-niche-services-302631545.html

SOURCE Jack Henry & Associates, Inc.

FAQ

What did CFG Bank announce on December 4, 2025 regarding technology?

CFG Bank selected Jack Henry to provide a modern core, Banno digital, Enterprise Workflow, and public-cloud service components.

How large is CFG Bank after its recent growth and what is the timeline?

CFG Bank reported growth from $1 billion in assets at the end of 2019 to more than $5 billion as of December 4, 2025.

What digital platform will CFG Bank use to improve retail banking for JKHY shareholders?

CFG will use the Banno Digital Platform to enhance consumer-facing digital experiences, important given the bank's small branch network.

How will Jack Henry help CFG Bank scale its niche healthcare lending services?

Jack Henry offers an open ecosystem with access to 950+ API-integrated fintech partners and public-cloud components to introduce scalable solutions for CFG clients.

Will CFG Bank automate manual processes as part of the JKHY deal?

Yes; CFG will deploy Jack Henry's Enterprise Workflow solution to replace manual processes and boost efficiency.