Banking Business Fintech News

Commonwealth Credit Union Expands Partnership with Jack Henry to Enhance Commercial Lending

Jack Henry Expands Relationship with Salesforce to Accelerate Connected Experiences for Financial Institutions

$1.5 billion-asset credit union selects digital lending platform to improve efficiencies, support growth

Jack Henry & Associates, is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Jack Henry Lending announced that Frankfort, Ky.-based Commonwealth Credit Union has selected the Commercial Lending Center Suite™ to automate the commercial lending process, boosting efficiencies and improving the experience for both its loan team and borrowers.

Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits

Commonwealth Credit Union has 15 branches and serves more than 100,000 members across Kentucky. The credit union needed a more robust, digital commercial lending platform to support its expanding portfolio. Because Commonwealth Credit Union already partners with Jack Henry for its core, it was confident in the company’s ability to deliver a high-performing solution backed by strong customer service. The credit union expects the Commercial Lending Center Suite to enable its lenders to more easily collaborate and fulfill loans with increased transparency, accuracy, and speed.

Robert Minichan, commercial lending manager for Commonwealth Credit Union, explained, “We selected the Commercial Lending Center Suite because of the platform’s advanced features and seamless integration to our core, coupled with Jack Henry’s overall responsiveness and culture. The centralized, digital platform will enable our staff to perform their jobs more productively, and the automated workflows will increase efficiencies from application to funding. Leveraging a single platform will empower us to effectively grow our portfolio while delivering members the modern, convenient experience they expect.”

Read More: Executives Explore Disruptions in Fraud Trends, Securing Online Channels and Mobility Payments in Transit

The suite will provide Commonwealth Credit Union with fully digital loan origination, decisioning, and portfolio management workflows that will enable the institution to save time, reduce paper, and boost productivity throughout the lending process. The platform centralizes previously siloed data, delivering greater transparency into individual borrower relationships and the overall portfolio. The credit union expects this visibility, along with the platform’s sophisticated cashflow analysis, to help it make faster, stronger business decisions.

Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits

Related posts

Minna Bank to Commence Operations in May 2021 as Japan’s First Digital Bank

Fintech News Desk

GlobalFintechSeries Interview with Perry Steinberg, Chief Product Officer at AbacusNext

Paroma Sen

Payments Innovator Wirex Launches First Phase of Revolutionary Product Overhaul and Mastercard Launch

Fintech News Desk
1