Guilford Savings Bank improves commercial lending with Jack Henry & Associates

By Pavithra R

Jack Henry & Associates, a leading provider of technology solutions and payment processing services primarily for the financial services industry has announced that Guilford Savings Bank has selected the firm for it’s Commercial Lending Center Suite launch.

The Commercial Lending Center Suite streamlines the commercial lending process, automating the previously manual tasks and improving both the lender and borrower experience. Guilford Savings Bank’s previous loan origination system was mostly manual, with Jack Henry’s digital lending platform, the bank is experiencing improved operational efficiencies, especially pre-closing. The centralized platform increases transparency and makes information more accessible.

“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,” said David Finnerty, senior vice president and senior operations officer of Guilford Savings Bank.

The bank leveraged Jack Henry’s Paycheck Protection Program (PPP) lending solution to help businesses. This enabled the bank to extend loans to non-customers, supporting its community which ultimately led to new customer acquisition and influx of deposits.

“The past several months have reinforced that the future is digital, and leading institutions like Guilford Savings Bank are making strategic technology investments that will enable them to help customers and their community when others cannot. The bank’s borrower experience is easier and more transparent with our digital lending platform. And, the seamless integration to the core increases speed and efficiencies, allowing it to fund more loans with existing resources. Jack Henry is proud to partner with Guilford Savings Bank as it continues to grow its footprint and provide the modern, digitally optimized solutions and services consumers and businesses expect today,” said Terry Renoux, head of Jack Henry Lending.

Recently, Jack Henry launched Jack Henry Loan Marketplace.

Jack Henry is S&P 500 company that serves approx. 8,700 clients nationwide through 3 divisions: Jack Henry Banking supports banks ranging from community banks to multi-billion-dollar institutions; Symitar provides various solutions to credit unions of all sizes; and ProfitStars offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry.