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Jack Henry's (JKHY) Symitar Gets Selected by Two Credit Unions

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Jack Henry & Associates (JKHY - Free Report) has been consistently gaining momentum among customers on the back of its robust portfolio of solutions.

This is evident from the fact that the company’s Symitar solution has been picked by Siouxland Federal Credit Union and Fulda Area Credit Union for hosting core solution in a private cloud space.

Further, both the credit unions have selected JKHY’s Banno Digital Platform to increase their operational efficiencies and offer a seamless digital experience to their members.

Thus, the selection by Siouxland Federal and Fulda Area has added strength to Jack Henry’s customer base. This is expected to contribute to the company’s top-line growth in the upcoming period.

Growing Customer Base

In addition to the recent partnership, Westmark Credit Union selected Jack Henry’s Symitar solution for hosting core solution in a private cloud environment.

IncredibleBank also selected Jack Henry’s online account opening solution to improve its online account opening procedure. Further, the bank chose JKHY’s Banno Digital Toolkit for leveraging the integrations available to Jack Henry’s customers with the help of the Banno Digital Platform.

Old Missouri Bank also selected the Jack Henry banking system, Banno Digital Platform, digital lending, deposit, and payment solutions to meet growth plans as well as provide an enhanced experience to customers.

In addition, Jack Henry’s lending platform has been selected by Bank of Charles Town to digitize and automate the commercial lending procedure.

Further, the company has more than 300 banks and credit union partners, which remains a positive. These banks and credit unions leverage its Gladiator Centurion Enterprise-Level Recovery solution for securing the backup and recovery of critical systems in the cloud.

We believe that the expanding customer base on the back of portfolio strength is expected to continue aiding the company in gaining investors’ confidence.

Coming to the price performance, Jack Henry has gained 7.6% over a year against the industry’s decline of 1.9%.

Zacks Investment ResearchImage Source: Zacks Investment Research

Portfolio Strength - Key Catalyst

Jack Henry has been making strong efforts to strengthen its portfolio offerings to provide advanced technological solutions to customers.

Recently, the company’s lending division incorporated tax return spreading into its digital lending platform called LoanVantage. This will help banks and credit unions to automate and streamline the lending procedure.

In addition, the company introduced SecurePort for banks to help customers gain access to account balances and funds as well as protect them in times of crisis.

Also, Jack Henry Lending launched a powerful digital solution named FactorSoft Web Portal that provides near-real-time servicing to lenders anytime and anywhere.

Further, the availability of Jack Henry Consumer Loans for creating and managing loans as well as supporting borrower relationships remains noteworthy.

Zacks Rank & Stocks to Consider

Currently, Jack Henry carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector include Advanced Micro Devices (AMD - Free Report) , Mimecast Limited and Trimble (TRMB - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Advanced Micro Devices has gained 31.4% over a year. The long-term earnings growth rate for AMD is currently projected at 46.2%.

Mimecast has gained 72.6% over a year. The long-term earnings growth rate for MIME is currently projected at 35%.

Trimble has gained 2.6% over a year. The long-term earnings growth rate for TRMB is currently projected at 12.7%.

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