Jack Henry’s (JKHY) Symitar is selected by two credit unions – January 21, 2022

Jack Henry & Associates (JKHY Free Report) has steadily gained traction with customers with its strong portfolio of solutions.

This is evident from the fact that the company’s Symitar solution was chosen by Siouxland Federal Credit Union and Fulda Area Credit Union to host the core solution in a private cloud space.

Additionally, both credit unions chose JKHY’s Banno digital platform to increase their operational efficiency and provide a seamless digital experience for their members.

Thus, selection by Siouxland Federal and Fulda Area strengthened Jack Henry’s clientele. This should contribute to the company’s revenue growth in the coming period.

Growing clientele

In addition to the recent partnership, Westmark Credit Union selected Jack Henry’s Symitar solution to host the core solution in a private cloud environment.

IncredibleBank has also selected Jack Henry’s online account opening solution to enhance its online account opening process. Additionally, the bank chose JKHY’s Banno Digital Toolkit to take advantage of the integrations available to Jack Henry customers with the help of the Banno Digital Platform.

Old Missouri Bank also selected the Jack Henry banking system, Banno digital platform, digital lending, deposit and payment solutions to meet growth plans and provide an enhanced customer experience.

Additionally, Jack Henry’s Lending Platform was selected by Bank of Charles Town to digitize and automate the commercial lending process.

In addition, the company has more than 300 partner banks and credit unions, which is still a positive point. These banks and credit unions leverage its Gladiator Centurion Enterprise-Level Recovery solution to secure the backup and recovery of critical systems in the cloud.

We believe that expanding the customer base through the strength of the portfolio should continue to help the company gain investor confidence.

In price performance, Jack Henry gained 7.6% year on year against an industry decline of 1.9%.

Image source: Zacks Investment Research

Portfolio Strength – Key Catalyst

Jack Henry has worked hard to strengthen its portfolio of offerings to deliver advanced technology solutions to its customers.

Recently, the company’s lending division incorporated tax filing into its digital lending platform called LoanVantage. This will help banks and credit unions automate and streamline the lending process.

Additionally, the company introduced SecurePort for Banks to help customers access account balances and funds, as well as protect them in times of crisis.

Additionally, Jack Henry Lending has launched a powerful digital solution named FactorSoft Web Portal that provides near real-time service to lenders anytime and anywhere.

Additionally, the availability of Jack Henry Consumer Loans to originate and manage loans as well as support borrower relationships remains outstanding.

Zacks Ranking and Stocks to Consider

Currently, Jack Henry wears a Zacks Rank #3 (Hold).

Some higher-ranking stocks in the broader tech sector include Advanced micro-systems (AMD free report), Mimecast Limited (MIME free report) and Trimble (TRMB Free Report), each carrying a Zacks Rank #2 (Buy). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Advanced Micro Devices gained 31.4% year on year. AMD’s long-term earnings growth rate is currently projected at 46.2%.

Mimecast gained 72.6% YoY. The long-term earnings growth rate for MIME is currently projected at 35%.

Trimble gained 2.6% year on year. TRMB’s long-term earnings growth rate is currently projected at 12.7%.

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