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Jack Henry (JKHY) Adds First State Bank to Its Customer Base
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Jack Henry (JKHY - Free Report) recently partnered with First State Bank to offer the latter with its robust banking solutions, delivering a user-friendly banking experience to the latter’s customers.
The partnership will enable First State Bank to leverage Jack Henry’s modern, customizable core processing solution and the Banno Digital Platform to automate processes and enhance efficiencies for retail and commercial customers.
Further, First State Bank will gain access to over 950 third-party fintechs within Jack Henry's open ecosystem, enhancing their competitive advantage and understanding of the local communities.
The latest collaboration has added strength to Jack Henry’s customer base for its core banking solutions.
Apart from First State Bank, the company’s recent partnership with the Independent Community Bankers of America (“ICBA”) further expanded its clientele for its core banking solutions.
Per the terms of the deal, ICBA will integrate a few JKHY solutions, namely Banno Business, JHA SmartPay Remote Deposit Now, Synergy Document Management, and Centurion Data Backup and Recovery, into its Preferred Service Provider program. Further, ICBA can leverage JKHY’s robust solutions to enhance community banks' digital banking experiences, simplify remote deposit capture, centralize data and improve disaster recovery processes for small-to-medium businesses.
Further, Jack Henry partnered with Legacy Bank & Trust to upgrade the latter’s technology stack, utilizing Jack Henry's SilverLake hosted core processing solution, enhancing operational efficiency, improving branch communication and standardizing compliance processes.
Strength in Banking Solutions Aids Growth
Jack Henry is leaving no stone unturned to strengthen its banking solutions portfolio in order to sustain its customer momentum, which remains a key growth driver for the company. Its shares have gained 4.2% in the year-to-date period, outperforming the industry’s decline of 2.8%.
Notably, the company introduced Banno Business, a solution that enables community and regional financial institutions to provide modern banking experiences for small-to-medium businesses (SMBs).
Banno Business equips community banks and credit unions with digital tools to support SMBs, offering solutions like cash management, payments and commercial lending and integrating external accounts with Mastercard for comprehensive financial management.
Jack Henry’s launch of the Jack Henry Financial Crimes Defender to combat financial crimes across various banks and credit channels remains noteworthy.
The cloud-native fraud and anti-money laundering solution enhances financial institutions' risk decisions, operational efficiency, and compliance with the Bank Secrecy Act.
Strengthening banking solutions portfolio will, in turn, enable the company to solidify its foothold in the global core banking solutions market, presenting a significant growth opportunity for the company. Per an EMR report, the global core banking solutions market is expected to reach $56.74 billion by 2032, indicating a CAGR of 14.6% during the forecast period of 2024-2028.
The above-mentioned efforts have strengthened the company’s overall portfolio, which, in turn, is expected to aid its financial performance in the upcoming period.
For fiscal 2024, Jack Henry expects GAAP revenues in the band of $2.215-$2.228 billion. The Zacks Consensus Estimate for the same is pegged at $2.22 billion, implying year-over-year growth of 6.9%.
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Jack Henry (JKHY) Adds First State Bank to Its Customer Base
Jack Henry (JKHY - Free Report) recently partnered with First State Bank to offer the latter with its robust banking solutions, delivering a user-friendly banking experience to the latter’s customers.
The partnership will enable First State Bank to leverage Jack Henry’s modern, customizable core processing solution and the Banno Digital Platform to automate processes and enhance efficiencies for retail and commercial customers.
Further, First State Bank will gain access to over 950 third-party fintechs within Jack Henry's open ecosystem, enhancing their competitive advantage and understanding of the local communities.
The latest collaboration has added strength to Jack Henry’s customer base for its core banking solutions.
Jack Henry & Associates, Inc. Price and Consensus
Jack Henry & Associates, Inc. price-consensus-chart | Jack Henry & Associates, Inc. Quote
Expanding Customer Base
Apart from First State Bank, the company’s recent partnership with the Independent Community Bankers of America (“ICBA”) further expanded its clientele for its core banking solutions.
Per the terms of the deal, ICBA will integrate a few JKHY solutions, namely Banno Business, JHA SmartPay Remote Deposit Now, Synergy Document Management, and Centurion Data Backup and Recovery, into its Preferred Service Provider program. Further, ICBA can leverage JKHY’s robust solutions to enhance community banks' digital banking experiences, simplify remote deposit capture, centralize data and improve disaster recovery processes for small-to-medium businesses.
Further, Jack Henry partnered with Legacy Bank & Trust to upgrade the latter’s technology stack, utilizing Jack Henry's SilverLake hosted core processing solution, enhancing operational efficiency, improving branch communication and standardizing compliance processes.
Strength in Banking Solutions Aids Growth
Jack Henry is leaving no stone unturned to strengthen its banking solutions portfolio in order to sustain its customer momentum, which remains a key growth driver for the company. Its shares have gained 4.2% in the year-to-date period, outperforming the industry’s decline of 2.8%.
Notably, the company introduced Banno Business, a solution that enables community and regional financial institutions to provide modern banking experiences for small-to-medium businesses (SMBs).
Banno Business equips community banks and credit unions with digital tools to support SMBs, offering solutions like cash management, payments and commercial lending and integrating external accounts with Mastercard for comprehensive financial management.
Jack Henry’s launch of the Jack Henry Financial Crimes Defender to combat financial crimes across various banks and credit channels remains noteworthy.
The cloud-native fraud and anti-money laundering solution enhances financial institutions' risk decisions, operational efficiency, and compliance with the Bank Secrecy Act.
Strengthening banking solutions portfolio will, in turn, enable the company to solidify its foothold in the global core banking solutions market, presenting a significant growth opportunity for the company. Per an EMR report, the global core banking solutions market is expected to reach $56.74 billion by 2032, indicating a CAGR of 14.6% during the forecast period of 2024-2028.
The above-mentioned efforts have strengthened the company’s overall portfolio, which, in turn, is expected to aid its financial performance in the upcoming period.
For fiscal 2024, Jack Henry expects GAAP revenues in the band of $2.215-$2.228 billion. The Zacks Consensus Estimate for the same is pegged at $2.22 billion, implying year-over-year growth of 6.9%.
Zacks Rank & Stocks to Consider
Currently, JKHY carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Applied Materials (AMAT - Free Report) , BlackLine (BL - Free Report) and AMETEK (AME - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Applied Materials have gained 28.8% in the year-to-date period. The long-term earnings growth rate for ABNB is 16.85%.
Shares of BlackLine have gained 2.5% in the year-to-date period. The long-term earnings growth rate for BL is currently projected at 5.50%.
Shares of AMETEK have gained 9.4% in the year-to-date period. The long-term earnings growth rate for AME is 9.19%.