Forest Park Bank Selects Jack Henry to Modernize Banking Experience
Rhea-AI Summary
Jack Henry (Nasdaq: JKHY) announced that Forest Park Bank has chosen its technology solutions to modernize and improve customer experience. The $300 million-asset bank aims to stay competitive, attract younger clients, and maintain its community focus. Jack Henry will provide a suite of modern services, including Banno Digital Platform™, contactless cards, digital wallets, and an improved account opening process. The partnership will also enhance operational efficiency through hosted core processing, document storage, and reporting tools, while ensuring real-time fraud and BSA compliance through Financial Crimes Defender™. Forest Park Bank views 2024 as a transformative year, with these technologies expected to streamline operations and boost customer service.
Positive
- Forest Park Bank will enhance customer experience with Jack Henry's modern services including Banno Digital Platform™, contactless cards, and digital wallets.
- Jack Henry's hosted core processing solution will improve operational efficiency.
- Integration of Financial Crimes Defender™ to provide real-time fraud and BSA compliance.
- Jack Henry's technologies are expected to attract younger clients and maintain high-touch service.
Negative
- None.
News Market Reaction
On the day this news was published, JKHY declined 0.19%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
New solutions will help bank improve customer experience, attract younger clients, and automate operations
The
The bank needed a modern and open technology provider that would support its community focus and help it compete with larger banks while doubling down on customer service and attracting younger demographics. Jack Henry met these needs with its suite of modern services, including Banno Digital Platform™, contactless cards, digital wallets and an improved account opening process.
"2024 is a transformative year for Forest Park Bank," said Charles L. Miller, Senior Vice President, Operations at Forest Park Bank. "We are a community focused, independently owned bank that is committed to maintaining its identity. To do so, we needed a technology provider that aligned with our culture to give us a competitive edge and bring new life into our institution. Jack Henry ticketed all the boxes."
Jack Henry will also help Forest Park Bank grow through scale and efficiencies. The company's hosted core processing solution, document storage, and reporting tools will automate processes and support sales efforts, while Financial Crimes Defender™ will provide real-time fraud and BSA compliance. "Jack Henry's smooth integration and single platform approach will improve information sharing, reporting and data presentation, transforming our employees' work and enhancing the customer's financial journey," Miller added. "With this solid foundation, we are confident that we will continue to deliver high-touch and streamlined service to our communities for many years to come."
"Historic community banks like Forest Park Bank need to modernize the customer experience and improve processes to stay competitive and continue to attract new and young customers – especially when they compete in large metropolitan areas like
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 47 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.
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