Bank to enhance customer experience, boost
efficiencies and expand small business services
MONETT,
Mo., July 8, 2024 /PRNewswire/ -- Jack
Henry™ (Nasdaq: JKHY) announced today that First Federal Bank
of Kansas City (FFBKC) has
selected Jack Henry for growth and
innovation.
FFBKC is a mutual bank based in Kansas
City, Missouri, with a rich 90-year history and a strong
focus on consumer banking, particularly home mortgages. Since its
inception, FFBKC has been dedicated to promoting financial health
in its community. The bank views homeownership as a gateway to
financial independence, making traditional mortgage loans while
working closely with non-profit organizations to help lower-income
households achieve their dream of buying a home.
The $960-million asset bank has an
opportunity to grow and meet more needs in its community. One
example of its planned expansion is offering retail customers loans
for their small businesses, particularly in real estate. The bank
needed a modern and open technology provider to automate processes,
enhance customer service and provide more functionality to support
small- and medium-sized businesses (SMBs).
Jack Henry's hosted core
processing solution will increase automation and efficiencies,
while Banno Digital Platform™ will provide a more user-friendly
digital banking experience for both retail and commercial
customers. Enterprise solutions like treasury, document, and
workflow management tools will help SMBs operate their businesses
effectively, while LoanVantage will enable the bank to branch
out into commercial real estate lending.
"As a mutual bank, for almost a century we've provided a high
level of support and financial education to consumers in
Kansas City. We now want to extend
the same service to SMBs, who employ 85% of our community and our
country," said J.R. Buckner,
President and CEO at FFBKC. "After careful market analysis, we felt
that Jack Henry had the products and
services that would help us execute our business plan better and
more profitably than any other option. Also, there's an undeniable
cultural alignment between our two companies – both are founded and
raised in the state of Missouri
with a passion for supporting local communities and Main Street
America."
Jack Henry's technology
modernization strategy will make modern service components
available for financial institutions in the public cloud, offering
a real advantage for the bank in the future. "Jack Henry continues to make investments in its
core platform which will help us innovate faster and meet the
evolving needs of our customers," Buckner said. "As we continue to grow and
surpass $1 billion in assets, we need
a nimble and responsive technology provider that will allow us to
quickly execute on opportunities as they arise."
"To stay competitive and responsive to changing conditions,
community banks operating in growing metropolitan areas like
Kansas City often have to pivot
and explore new business lines that comply with their mission,
vision and values," said Jonathan
Baltzell, Vice President and President of Bank Solutions.
"FFBKC saw an opportunity to expand their unique high-touch service
to SMBs and needed the right technology provider to help them do
so. We are proud to help position them for future growth and
innovation."
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.