Commonwealth Bank & Trust upgrades tech with Jack Henry
Commonwealth Bank & Trust, based in Kentucky, US, has chosen Jack Henry as a tech provider to support services and enhance efficiencies the bank says it needs after surpassing $1 billion in assets.
The bank selected the Silverlake core banking system in an outsourced environment “to streamline operations and continue scaling with ease”, according to the vendor.
It will replace many third-party solutions, including the Phoenix core banking system from Finastra (formerly D+H), it is understood. As a result, the bank will gain “tighter integrations and enhanced workflows” from the open infrastructure, the vendor says.
“After extensive due diligence, we found Jack Henry to be the best partner for our bank. Their culture and commitment to personal service matches our own and their open services will position us to meet our goals,” says Ann Wells, CEO of Commonwealth Bank & Trust.
She adds: “Improving efficiency is key for us; we previously attempted to build better workflows but couldn’t reach full potential without an open core environment. With Jack Henry, we’re confident in setting an aggressive goal to decrease our efficiency ratio by 10% over the next three years while focusing on continued growth and strengthening customer relationships.”
Commonwealth Bank & Trust also plans to attract more commercial customers with its new platform.
Jack Henry says its treasury management capabilities will also equip the bank to manage day-to-day cash flow and long-term financial health, and provide multiple payment options.