Jack Henry includes digital consumer lending to its lending suite

By Pavithra R

Jack Henry & Associates’ subsidiary Jack Henry Lending, a borrower focussed digital lending technology provider has announced the availability of Jack Henry Consumer Loans, a unified solution to create, manage and support borrower relationships and loans of all types through a simplified, digital process.

Jack Henry Consumer Loans enables customers and members to apply and complete loan services digitally offering an easier and more consistent borrower experience. The innovative solution helps FIs to serve borrowers better throughout all life stages and effectively grow their relationships. The technology is 100% cloud-based and bridges the gap between consumer and commercial segments, removing the need to run multiple systems to support different loan types.

First Oklahoma Bank has leveraged Jack Henry’s digital commercial lending solution for 2 years and recently added the new consumer capabilities. 

“Our consumer loan portfolio significantly grew last year, and we expect that pace to continue into 2021 and beyond. Leveraging a single solution for consumer and business lending, especially one that’s so tightly integrated with our core, will allow us to process loans with more speed and efficiency while facilitating a better borrower experience. This will ultimately allow our customers to access their borrowed funds quickly and conveniently, which is especially important today,” said Christy Alexander, senior vice president and manager of loan origination and servicing at First Oklahoma Bank.

With Jack Henry Consumer Loans, FIs can reduce vendor management burden and costs, while simplifying communication between departments. The solution offers streamlined regulatory reporting for HMDA, CRA, and Community Development, enhancing institutions’ compliance posture. Its automated underwriting and robust workflow capabilities help reduce cumbersome processes and save time for strategic initiatives that drive revenue and bolster borrower relationships.

“Consumer lending generates about 70% of all loan transactions for an average financial institution, but banks and credit unions have historically lacked the integrated technology necessary to make the process efficient. With Jack Henry Lending, institutions can leverage one system to facilitate all of their lending needs, creating a more streamlined approach to business. This not only automates redundant tasks and enhances workflows, but also allows institutions to deliver a digitally optimized, intuitive borrower experience. As consumers and business owners look to their local banks and credit unions for the tools and support to regain their financial footing, our easy, modern loan process will be a key competitive differentiator,” said Terry Renoux, head of Jack Henry Lending.

Jack Henry is an 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.