Jack Henry Celebrates 57 New Customers in 2019

Jack Henry & Associates has attracted 57 banks and credit unions away from competitors in the fiscal year 2019, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

The technology solutions and payment processing services provider has seen a record number of financial institutions switch to its core banking platform, in the year to 30 June.

Jack Henry focuses on helping community and regional financial institutions to offer their customers modern banking experiences and to remain competitive in a changing market.

New clients stated reasons for switching have included the desire to provide an online retailer-style service for customers, openness and commitment to scale, and the ability to achieve tighter integrations and enhanced workflows from the open infrastructure.

Busey Bank and holding company First Busey Corporation both chose the Jack Henry Banking SilverLake System.

“Jack Henry’s advanced API network provides the open architecture and sophisticated connectivity necessary for us to chart our own course. This partnership supports our dedication to strategic process improvements and investment in integrated technology platforms,” said Howard Mooney, chief information officer of First Busey Corporation.

David Foss, president and CEO of Jack Henry, said it is an exciting time in banking.

“The industry is open to more collaboration and advanced technologies, while renewing its focus on user centricity,” he adds. “We’re committed to partnering with these regional and community financial institutions to help them compete with technology that is efficient, scalable and built to last.”

The 32 banks and 19 credit unions range from those with $64 million in assets to $9.6 billion, along with six de novo banks.

Jack Henry’s most recent appearance at Finovate was at FinovateFall 2015, when the company demonstrated technology from its recent acquisition, Banno. Founded in 1976 and headquartered in Monett, Missouri, Jack Henry is the primary technology partner for more than 1,000 community banks and multi-billion dollar mid-tier financial institutions.

With more than $1.5 million on revenues during fiscal 2018, Jack Henry is a publicly-traded on the Nasdaq exchange under the ticker JKHY and has a market capitalization of $11 billion.

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Jack Henry Acquires Geezeo

Two of Finovate’s earliest alums – Jack Henry and Geezeo – are joining forces in an acquisition announced today. The deal will enable Jack Henry to sell Geezeo’s financial management solutions to its core bank and credit union customers, as well as offer Geezeo’s technology to its non-core clientele working with the company’s ProfitStars division.

Terms of the acquisition were not disclosed.

“We’ve already enjoyed a long relationship with Jack Henry & Associates, so we’re thrilled by this acquisition,” said Shawn Ward, Geezeo co-founder and CEO. “We look forward to what comes next as Jack Henry continues to build best-in-class digital platforms for financial institutions.”

Jack Henry made its Finovate debut in 2010. Geezeo’s first Finovate appearance was even earlier, at FinovateFall in 2007. The two companies have been “strong business partners” for years, according to Jack Henry VP Ron Moses who praised Geezeo as a company that “takes personal financial management (PFM) to the next level” – in part by leveraging data to build better relationships between FIs and their customers.

“The result is better control for consumers and businesses over their daily and long-term finances so they can achieve greater financial confidence,” Moses said.

Jack Henry sees Geezeo as a company that has effectively evolved beyond its origins as a PFM solution provider into a “critical data partner” for banks, credit unions, financial service providers, and other fintechs. The company seamlessly integrates its technology into client digital banking platforms to help support better customer engagement, drive more effective cross-selling, and leverage data to provide deeper insights into customer preferences.

Founded in 2006, Geezeo demonstrated its PFM technology at FinovateFall 2014. In addition to partners like Alliant, Suncoast Credit Union, and Regions, Geezeo announced last fall that Best Innovation Group would use its SDK to add PFM functionality to their Financial Innovation Voice Experience (FIVE) voice banking platform. Also last year, Geezeo released its Responsive Tiles product that gives credit unions and banks a new way to readily incorporate PFM into mobile and online digital banking platforms.

A three-time winner of Forbes Best Large Employers award, Jack Henry & Associates is the primary technology partner for more than a 1,000 financial institutions ranging from credit unions and community banks to billion-dollar mid-tier banks and multi-bank holding companies. Founded in 1976 and headquartered in Monett, Missouri, Jack Henry trades on the NASDAQ exchange under the ticker symbol JKHY and has a market capitalization of $10 billion. The company demonstrated its technology at FinovateFall 2015.

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