CDFI poises to proliferate its mission of
financial health and equity
MONETT,
Mo., Jan. 23, 2024 /PRNewswire/ -- Jack Henry™
(Nasdaq: JKHY) announced today that Latino Community Credit Union
(LCCU) selected Jack Henry to provide the technology infrastructure
it needs to support a growing member base.
Durham, North Carolina-based
LCCU is a community development financial institution (CDFI)
established in 2000 to provide access to economic opportunity to
Latino and other immigrants traditionally locked out of the
financial mainstream. Since then, it has become a national model
for financial inclusion.
For more than two decades, LCCU focused on its mission to
provide its members with ethical financial products and education;
the credit union relied on a larger credit union for its technology
infrastructure. LCCU is one of the fastest growing credit unions in
the country, with members in all 50 states and over $1 billion in assets. This growth, and the need
for a wider range of sophisticated and robust products and services
for its membership, led to the credit union's decision to work with
Jack Henry and leverage its Symitar platform.
Working with Jack Henry will allow the credit union greater
flexibility and configurability to provide a wider range of
financial products and services that are fully bilingual (Spanish
and English), personalized, and culturally tailored, including
microbusiness loans and commercial accounts. The platform will
enable the credit union to stabilize and grow with the option to
add additional fintech integrations on their own timeframe. With
Jack Henry, LCCU can deliver relevant personal financial support to
its 135,000 members while continuing its rapid growth trajectory of
15% annually.
LCCU will also migrate its network infrastructure to Jack
Henry's cloud environment, enhancing business continuity and
disaster recovery efforts, as well as cybersecurity measures. It's
another way the credit union can improve service while keeping
their valuable resources focused on their community.
"This move is an evolution for LCCU, a result of the success
that Latinos have experienced in our communities," said
Vicky Garcia, President and CEO of
LCCU. "Jack Henry will allow us to continue to grow alongside our
members. We'll be even better positioned to understand how members
use their accounts and offer more personalized products and
services– and all in their preferred language. We will provide the
valuable financial tools they need as they launch new businesses
and build wealth. It's an exciting time."
Shanon McLachlan, president of
Credit Union Solutions at Jack Henry, commented, "LCCU has been a
model for how to serve unbanked and immigrant communities; we are
proud to help them scale with speed while adding more sophisticated
services with broader optionality. With our platform, the credit
union will have the open, flexible infrastructure to add new
financial health solutions as they come to market, staying modern,
relevant, and helpful. LCCU joins the growing number of community
development financial institutions (CDFIs) Jack Henry supports –
together, we're building stronger and resilient communities."
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.