Jack Henry, an SaaS Provider for Financial Services Sector, Extends Partnership with Old Second National Bank

Jack Henry & Associates, Inc. (NASDAQ: JKHY) recently announced that Old Second National Bank has expanded its collaboration with Jack Henry “to support the bank’s digital and growth strategy.”

Among the largest locally headquartered banks in the Chicago area, Old Second benefited from “a seven-year modernization journey, improving its technology infrastructure to support organic growth and acquisitions.”

In 2015, the bank began “by migrating its Jack Henry core to the private cloud and shifting a historically retail-focused offering to include commercial banking capabilities.”

Over the last two years, Old Second has “expanded its relationship with Jack Henry,” resulting in:

  • Improved operational efficiencies through automating with scale using jhaEnterprise Workflow™;
  • Access to leading Jack Henry banking services such as card processing solutions;
  • New digital capabilities through the Banno Digital Platform™; and
  • Stronger connections with third-party solutions using Jack Henry’s open API infrastructure.

Andrew Maychruk, EVP President and CTO at Old Second National Bank, commented:

“We needed an open, progressive technology architecture in order to differentiate and meet the demands of our account holders. Jack Henry understands our mindset that past industry practices are no longer sustainable, as is evidenced in Jack Henry’s recently announced technology modernization strategy. They take time to listen, understand our unique challenges, and work with us to develop a strategy that meets the needs of our company and account holders.”

Old Second is dedicated to “providing its account holders with all of the conveniences of a digital self-service model while providing personal support in the moment of need.”

Embedding modern fintech solutions into its digital platform through Jack Henry’s ecosystem – Jack Henry “provides connectivity to more than 850 fintechs – is expected to enable the bank to continue to meet the needs of account holders in the future.”

Stacey Zengel, SVP of Jack Henry & Associates and president of Jack Henry Banking, said:

“Old Second National Bank has been on a growth trajectory and its technology plan positions the bank to differentiate and serve account holders in its markets. The bank shares in our vision to keep evolving so that community-based financial institutions are the focal point of financial experiences. This open, embedded experience is how we win at banking-as-a-service.”

As covered, Jack Henry claims to be “a leading SaaS provider of technology solutions primarily for the financial services industry.”

They are “an S&P 500 company that serves more than 8,000 clients nationwide through three divisions: Jack Henry Banking® provides innovative solutions to community and regional banks; Symitar® provides industry-leading 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.”

With a heritage that has been “dedicated to openness, partnership, and user centricity for more than 40 years, [they] are well-positioned as a driving market force in future-ready digital solutions and payment processing services.”

They empower their clients and consumers “with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go.”

Old Second Bancorp, Inc. is “a corporation organized under the laws of the State of Delaware in 1981 that serves as the bank holding company for its wholly-owned subsidiary bank, Old Second National Bank.”

Old Second National Bank is “a national banking association headquartered in Aurora, Illinois, that operates through 63 banking centers located in Cook, DeKalb, DuPage, Kane, Kendall, LaSalle and Will counties in Illinois.”

Old Second National Bank is “a full-service banking business offering a broad range of deposit products, trust and wealth management services, and lending services, including demand, NOW, money market, savings, time deposit and individual retirement accounts; commercial, industrial, consumer and real estate lending, including installment loans, agricultural loans, lines of credit, lease financing receivables and overdraft checking; safe deposit operations, and an extensive variety of additional services tailored to the needs of individual customers, such as the acquisition of U.S. Treasury notes and bonds, money orders, cashiers’ checks and foreign currency, direct deposit, discount brokerage, debit cards, credit cards, and other special services.”

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