Credit union sees company's investment in
research and development as a key differentiator that will position
them for growth.
MONETT,
Mo., Nov. 30, 2023 /PRNewswire/ -- Jack Henry™
(Nasdaq: JKHY) announced today that Credit Union 1 (CU1) now
leverages the Symitar core because of the company's commitment to
modernization. With nearly $1.5
billion in assets, CU1 is the second-largest credit union in
Alaska, a market where more than
half of the credit unions rely on Jack Henry for their core
technology.
Jack Henry's open banking infrastructure was the leading factor
in the credit union's decision to move its core to the
Symitar® platform. The credit union's previous
provider had integration limitations that would impact their
ability to grow. It was important for CU1 to have a provider with a
long-standing reputation of serving large, progressive credit
unions with modern technology that works well with other fintechs.
Jack Henry fits the bill, with a nearly 50% market share of credit
unions with over $1 billion in assets
and an ecosystem that includes more than 950 fintechs.
"We admire the amount of research and development Jack Henry
invests in their technology and how they keep a pulse on the latest
industry trends," said Mark Burgess,
President/CEO of CU1. "Their investment aligns with and supports
our long-term growth and scalability goals while giving us the
stability we need from a trusted financial technology company."
Following a smooth conversion, the credit union has already
realized benefits. With Jack Henry hosting its core, CU1 is able to
improve its disaster recovery and business continuity plan. The
efficiency gains enable it to reallocate internal resources to
better support member needs. "We were impressed with the conversion
team at Jack Henry and grateful for all their hard work during the
yearlong process," Burgess said. "Their expertise coupled with our
employees' hard work reduced the impact on members during the final
cutover."
CU1 has been able to connect key marketplace differentiators,
such as interactive teller machines, to its core to save time for
tellers and give members more self-service opportunities. The
credit union is excited to have the opportunity to continue to
create new digital solutions for its members, knowing that the
fintechs of its choice will be able to integrate with its
technology.
"Credit unions that make the decision to move to Jack Henry are
not only investing in technology but planning for the future of
their institution in the years to come," said Shanon McLachlan, President of Credit Union
Solutions at Jack Henry. "We don't always know what course the
changing needs of membership will take, but we can be open to
embracing the changes that will inevitably come. We're proud to
help CU1 strengthen their service and differentiators while they
invest in their future."
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.