Commonwealth Credit Union picks Jack Henry to automate lending
Kentucky-based Commonwealth Credit Union has selected Jack Henry & Associates to power its commercial lending processes.
At the heart of the deal is Jack Henry’s Commercial Lending Center Suite, which is being installed to automate the credit union’s lending, boost efficiency and improve experience.
Commonwealth Credit Union has 15 branches and serves more than 100,000 members across Kentucky. It is an existing core banking customer of Jack Henry & Associates.
According to Jack Henry, the credit union needed a more robust, digital commercial lending platform to support its expanding portfolio.
“We selected the Commercial Lending Center Suite because of the platform’s advanced features and seamless integration to our core,” says Robert Minichan, commercial lending manager for Commonwealth Credit Union.
“Leveraging a single platform will empower us to effectively grow our portfolio while delivering members the modern, convenient experience they expect.”
The suite will provide Commonwealth Credit Union with “fully digital loan origination, decisioning, and portfolio management workflows” which will help it centralise previously siloed data and deliver “greater transparency.”
Terry Renoux, group president of Jack Henry Lending, adds: “Commonwealth Credit Union is investing in technology to replace a once cumbersome, paper-intensive process with a more modern, digital approach to commercial lending.”