Jack Henry & Associates Inc. (JKHY) started the month with successful launch of its Commercial Lending Center Suite by Connecticut-based Guilford Savings Bank. JKHY is a payment processing services and technology solutions providing company with its main focus on financial services industry.
On September 3, 2020, Jack Henry Lending announced that the bank launched its lending suite successfully. It will provide the bank with an efficient solution for processing lending applications, to automate its manual tasks and better enhance lender as well as borrower experience. With adoption of the current suite, now the bank has been fully converted to core and digital solutions provided by Jack Henry.
Guilford Savings Bank was mostly indulged in manual procedures for its loan origination system previously. It was a lengthy paper intensive process which requires most of the company time to complete the paper requirements. The time which the company could utilize to more focus on expanding its portfolios and further strengthen its existing borrower network. After starting using digital lending platform by jack Henry, the bank is experiencing improvement and efficiency in its operations especially in pre-closing procedures. The platform also provided the bank with transparency at all level during the entire lending process and also makes the required information easily accessible. It also allows the bank to continue lending process even in the case of certain staff members not available in their offices.
Partnering with Jack Henry provided us with simple to use platform with more smooth borrower experience, said David Finnerty, Senior Vice President and Senior Operations Officer at Guilford Savings Bank. It also empowered our staff to do their job accurately and efficiently with extremely robust reporting capabilities. Now they are able to quickly track and monitor borrower relationships, enhancing overall portfolio capabilities. All this helped the bank to surface as better corporate entity to add in the current financial system, Finnerty added.