Jack Henry's open approach, commitment to
research and development position credit union for growth
MONETT,
Mo., Nov. 18, 2024 /PRNewswire/ -- Jack Henry™
(Nasdaq: JKHY) announced today that CommonWealth Central Credit
Union (CommonWealth) selected Jack Henry to modernize its
technology infrastructure and support future growth.
Founded in a garage in 1958, CommonWealth's mission is to help
its members enhance their financial well-being. Over 65 years, it
evolved from a small credit union with 10 members and $104 in assets into a full-service financial
institution with $632 million in
assets, serving nearly 40,000 members across four branch locations.
The credit union's success is attributed to a strong belief in the
philosophy of "people helping people."
In re-evaluating its technology platform to position itself for
growth, CommonWealth identified limitations in functionality and
support with its existing platform, and third-party integrations
were often time-consuming and expensive. The credit union needed a
provider with a commitment to continually investing in new
functionality and cloud-based architecture. CommonWealth selected
Jack Henry for its open approach and commitment to technology
modernization. Jack Henry's platform helps the credit union
facilitate innovation, modernize operations, and enhance member
service, better positioning them to compete with larger financial
institutions.
"Jack Henry's future-focused mindset and open technology made
them the clear choice," said Val Ovrootsky, Chief Information
Officer at CommonWealth. "Jack Henry's ongoing investment in
technology provides us with the scalable infrastructure we need to
grow and deliver modern banking services and tools to members."
The credit union looks forward to the improved functionality and
flexibility the new platform will provide. Without the limitations
and workarounds, CommonWealth has the option to collaborate with
third parties of choice or develop competitive solutions
independently. It plans to create new products and services that
will better serve its members. The platform's tight integrations
will also improve efficiencies for both back-office and
member-facing employees, saving the credit union both time and
money.
"Our relationship with Jack Henry is off to a strong start due
to their engagement, responsiveness, and professionalism,"
Ovrootsky added. "We anticipate a long and productive relationship
that will help us innovate, grow, and fulfill our mission. They
will help guide our strategy and technology plans."
"Jack Henry is committed to service and innovation, continually
investing in modernizing our platforms and staying ahead of
industry trends," said Brynn Ammon,
President of Credit Union Solutions at Jack Henry. "This commitment
provides credit unions like CommonWealth with the technology and
support to address key business challenges, including improving
operational efficiency and attracting and retaining new members.
We're proud to provide the infrastructure CommonWealth needs to
uphold their mission."
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 48 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.