MONETT, Mo., March 16, 2021 / PRNewswire / – Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of payment processing technology solutions and services primarily for the financial services industry. Today, Jack Henry Lending has introduced agricultural industry delivery models into his digital lending solution, providing financial institutions with a more accurate and efficient way to process agricultural loans.
Agriculture contributes more than 1000 billion dollars to the U.S. economy every year, and community financial institutions have a long history of supporting the U.S. agriculture industry. This industry needs support more than ever as the pandemic, trade disputes and increasing natural disasters have placed increasing pressure and uncertainty on farmers. With the spreading models of the agricultural industry perfectly integrated into Jack Henry As a digital lending solution, community banks and credit unions can increase the automation of their agricultural loans, creating efficiencies by saving time and reducing the potential for manual errors. The models provide new levels of flexibility in allocation, allowing close analysis between business and personal assets as well as cash flows, which is particularly critical given the nature of farm income and the frequent dependence of farmers on with respect to non-farm income to support their activities.
Farmington, MissouriLaunch of the First State Community Bank Jack Henry digital solution for commercial loans last year and recently added the agricultural loan diffusion models. Ben wasson, senior credit administration officer for the $ 2.9 billion-asset bank, commented, “With Jack Henry, we were able to eliminate the separate system we previously relied on for agricultural loans, while reducing the costs and bottlenecks associated with multiple solutions. The sophisticated spreading capabilities offered by Jack Henry Lending will streamline processes, accepting loans from demand to close more quickly and efficiently. We expect this technology to support us as we grow our agricultural division and help our lenders familiarize themselves with the nuanced process, allowing us to better serve farmers through Missouri. “
Jack Henry crop application models offer customizable workflows that provide a consistent template for loan teams to follow along with robust commitment trackers that can alert lenders of upcoming loans within the next 90 days. In today’s increasingly digital world, this solution offers financial institutions increased mobility by providing a mobile application for farm visits that improves the efficiency of banks and credit unions and provides a more convenient and digitally optimized to farmers.
Terry renoux, Director of Jack Henry Lending, said, “The future of agricultural lending is bright; there will always be a need for food to feed the growing population and for machinery to support the agricultural process. However, competition has become fierce as farmers are increasingly offered direct financing and other options from alternative competitors. While community institutions already have the relational approach necessary to be successful in agricultural credit, they now need to adopt modern technology to process these loans faster and more efficiently. With our agricultural application models, banks and credit unions gain the ability to seamlessly navigate the unique characteristics of agricultural loans, while maintaining speed and accuracy. And, all of this can be found in one loan solution, which helps keep costs down. Agriculture has long been the backbone of our economy, and we pride ourselves on providing financial institutions with the tools to help this critical aspect of their communities recover and prosper. “
About Jacques Henri & Associates, Inc.
Jacques Henri (NASDAQ: JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company serving approximately 8,700 clients nationwide through three divisions: Jack Henry Bank® supports banks ranging from community banks to multi-billion dollar institutions; Symitar® provides cutting-edge solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of all asset sizes, as well as to various corporate entities outside the financial services industry. With a heritage dedicated to openness, partnership and user orientation for over 40 years, we are well positioned as a driving force in the market for digital solutions and payment processing services ready for the customer. to come up. We give our customers and consumers human-centered, technology-driven and knowledge-driven solutions that will get them where they want to go. Are you ready for the future? Further information is available at www.jackhenry.com.
Statements made in this press release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. More specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company’s financial results, is included in its filings with the Securities and Exchange Commission (SEC) on Form 10-K, and potential investors should consider these statements. Finally, there may be other factors not mentioned above or included in documents filed by the Company with the SEC that may cause actual results to differ materially from any forward-looking information.
SOURCE Jacques Henri & Associates, Inc.