Jack Henry (Nasdaq: JHKY) announced that Machias Savings Bank, a $2.4 billion-asset mutual savings bank, has selected Jack Henry in order “to modernize its technology stack and help it continue delivering high-level customer service as the bank grows.”
Founded in 1869, Machias Savings Bank is “one of Maine’s oldest community banks, heavily focused on its commercial portfolio, but also 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 customizable core processing solution “will help the bank automate processes and boost efficiencies, while business process solutions such as Enterprise Workflow will allow the bank to stay top of mind for larger businesses in their community.”
Machias Savings 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 of choice.”
Peter Greene, executive vice president and chief operating officer of Machias Savings Bank, said:
“Jack Henry’s innovative mindset positions us well for a technology transformation that will help us stay competitive throughout shifting market and economic conditions. 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 also makes the collaboration a great cultural fit; they think, talk, and act like us.”
Jack Henry’s technology modernization strategy, “which will make service components available for financial institutions in the public cloud, also fits the strategic direction of Machias Savings Bank.”
Greene added:
“We’ve been serving our community for more than 150 years and want to continue doing so for generations to come. Jack Henry’s new open technology strategy positions the company ahead of its peers, and in turn, will help us stay innovative and ahead of the curve.”
Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions, said:
“Historic community banks like Machias Savings Bank are driven by long-term relationships they have created with their employees, customers, and communities. These modernization 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.”
As noted in the update, Jack Henry claims it is “a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve.”
