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Machias Savings Bank selects Jack Henry for modern, open technology

By Delisha Fernandes

August 01, 2023

  • Financial Institutions
  • Fintech news
  • FinTech USA
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Jack Henry, Farmers and Merchants BankJack Henry has announced that Machias Savings Bank, a $2.4 billion-asset mutual savings bank, has selected Jack Henry to modernise its technology stack to deliver high-level customer service.

Founded in 1869, Machias Savings Bank is one of Maine’s oldest community banks, focused on its commercial portfolio and serving small business and retail customers. The bank needed a technology strategy that would help it continue to support customers’ financial needs and compete with big banks in its community.

Jack Henry’s open, modern, and highly customisable core processing solution will help the bank automate processes and boost efficiencies. In contrast, business process solutions such as enterprise workflow will allow the bank to stay top of mind for larger businesses in their community. The Bank will also have access to over 950 API-integrated, third-party FinTechs within the Jack Henry ecosystem, with the option to seamlessly integrate their vendors.

“Jack Henry’s innovative mindset positions us well for a technology transformation that will help us stay competitive throughout shifting market and economic conditions,” said Peter Greene, executive vice president and chief operating officer of Machias Savings Bank. “They will help us operate more efficiently while reducing costs and meeting the evolving needs of our commercial customers who need fast, streamlined, and convenient service. Jack Henry’s commitment to community banks makes the collaboration a great cultural fit; they think, talk, and act like us.”

Jack Henry’s technology modernisation strategy, which will make service components available for financial institutions in the public cloud, also fits the strategic direction of Machias Savings Bank. “We have been serving our community for more than 150 years and want to continue doing so for generations to come,” Greene added.

“Historic community banks like Machias Savings Bank are driven by long-term relationships they have created with their employees, customers, and communities,” said Stacey Zengel, senior president of Jack Henry and president of Bank Solutions. “These modernisation efforts will help Machias Savings Bank strengthen its connection to a new generation of customers, compete with the big banks, and remain a strong pillar in their community.”

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