Jack Henry unveils agricultural lending within its digital lending solution
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 it’s subsidiary Jack Henry Lending, a borrower focussed digital lending technology provider, has unveiled agricultural industry spreading models within its digital lending solution, to offer a more accurate, efficient way for FIs to process agricultural loans.
Each year, agriculture contributes more than $1tn to the U.S. economy, and community-based FIs have a long history of supporting the American agricultural industry. The pandemic, trade disputes, and an increase in natural disasters have placed mounting pressure and uncertainty on farmers. With the agricultural industry spreading models seamlessly integrated into Jack Henry’s digital lending solution, community banks and CUs can increase the automation of their agricultural lending, creating efficiencies by saving time and reducing the potential for manual errors.
Jack Henry’s agricultural spreading models:
- provides new levels of flexibility in spreading, allowing for close analysis between business and personal assets as well as cash flow;
- offers customizable workflows that provide a consistent model for loan teams to follow as well as robust covenant trackers that can alert lenders to loans coming due within the next 90 days.
“The future of ag lending is bright; there will always be a need for food to fuel the growing population and machinery to support the farming 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 relationship-based approach needed to succeed in ag lending, they now need to adopt modern technology to more quickly and efficiently process these loans. With our agricultural spreading models, banks and credit unions gain the capabilities to seamlessly navigate the unique characteristics of ag lending, while still maintaining speed and accuracy. And, it can all be found in a single lending solution, which helps to keep costs down. Agriculture has long been the bedrock of our economy, and we are proud to provide financial institutions with the tools necessary to help this critical aspect of their communities recover and thrive,” said Terry Renoux, head of Jack Henry Lending.
IBSi Daily News Analysis
February 28, 2024
Jack Henry Lending
FinTech penetration in Southeast Asia will double by 2027, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage