Commonwealth Bank and Trust, a Louisville, Kentucky-based provider of banking and mortgage services, as per recent reports, has chosen Jack Henry & Associates, Inc., a Monett, Missouri-based leading technology solutions provider, for support and services to enhance efficiencies the bank needs after reportedly surpassing $1 billion in assets.
The Kentucky-based bank selected the Jack Henry Silverlake core banking system in an outsourced environment to streamline its operations process and to continue scaling with ease. As per reports, the Commonwealth Bank and Trust will replace many third-party solutions, which the bank mulled over past years, with Jack Henry’s comprehensive platform, to gain “tighter integrations and enhanced workflows” the open infrastructure platform has to offer.
“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,” comments Ann Wells, CEO of the bank.
Continuing further, 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.”
The bank after switching to the new banking platform aims to attract more commercial customers. The new platform, with its treasury management capabilities, will enable the bank with day-to-day cash flow & long-term financial health management, provision of multiple payment options, and enforcing higher security standards along with the added convenience and accessibility that’s the prime demand of today’s commercial accounts.