Bank modernizes lending, digital banking, and core technology with Jack Henry, leverages open APIs for enhanced flexibility and innovation
Jack Henry & Associates, is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, Jack Henry Lending announced that Connecticut-based Guilford Savings Bank has successfully launched the Commercial Lending Center Suite™ to streamline the commercial lending process, automating previously manual tasks and improving both the lender and borrower experience. This implementation follows the bank’s conversion to Jack Henry for core and digital banking.
Guilford Savings Bank’s previous loan origination system was largely manual; the cumbersome, paper-intensive process took time away from expanding portfolios and deepening relationships with existing borrowers. With Jack Henry’s digital lending platform, the bank is experiencing notable operational efficiencies, especially pre-closing. The centralized platform increases transparency and makes information more accessible, allowing the process to continue even if certain team members are out of office.
Read More: Vitesse, a Fintech Providing Real-Time Cross-Border Payments for Businesses, Scores £6.6m Series A
David Finnerty, senior vice president and senior operations officer of Guilford Savings Bank, explained, “By partnering with Jack Henry, we’ve been able to facilitate a simpler, more seamless borrower experience while empowering employees to do their jobs with more speed and productivity. Plus, the platform’s reporting capabilities are extremely robust, helping us better track and monitor individual relationships as well as our overall portfolio. That helps us to be a better corporate citizen in today’s economic environment.”
The bank leveraged Jack Henry’s Paycheck Protection Program (PPP) lending solution to help businesses during a time of great need. During the first wave of PPP loan applications, when the solution was not yet in place, the bank’s lenders were working 19-hour days on average, with each application taking about 20 minutes. During the second wave, the bank was able to process more than double the amount of PPP loans in less time with Jack Henry’s solution. The added efficiencies enabled the bank to extend loans to non-customers, supporting its community when other institutions wouldn’t or couldn’t, which ultimately led to new customer acquisition and an influx of deposits.
Read More: COVID-19 and Automation are Changing Finance for Good
