Business
First Federal Bank of Kansas City Selects Jack Henry for Growth and Innovation
Bank to enhance customer experience, boost efficiencies and expand small business services MONETT, Mo., July 8, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq:
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"Bank to enhance customer experience, boost efficiencies and expand small business services\nMONETT, Mo., July 8, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that First Federal Bank of Kansas City (FFBKC) has selected Jack Henry for growth and innovation.\n\n \n \n \n \n \n \n\n \nFFBKC is a mutual bank based in Kansas City, Missouri, with a rich 90-year history and a strong focus on consumer banking, particularly home mortgages. Since its inception, FFBKC has been dedicated to promoting financial health in its community. The bank views homeownership as a gateway to financial independence, making traditional mortgage loans while working closely with non-profit organizations to help lower-income households achieve their dream of buying a home.\nThe $960-million asset bank has an opportunity to grow and meet more needs in its community. One example of its planned expansion is offering retail customers loans for their small businesses, particularly in real estate. The bank needed a modern and open technology provider to automate processes, enhance customer service and provide more functionality to support small- and medium-sized businesses (SMBs).\nJack Henry's hosted core processing solution will increase automation and efficiencies, while Banno Digital Platform™ will provide a more user-friendly digital banking experience for both retail and commercial customers. Enterprise solutions like treasury, document, and workflow management tools will help SMBs operate their businesses effectively, while LoanVantage will enable the bank to branch out into commercial real estate lending.\n\"As a mutual bank, for almost a century we've provided a high level of support and financial education to consumers in Kansas City. We now want to extend the same service to SMBs, who employ 85% of our community and our country,\" said J.R. Buckner, President and CEO at FFBKC. \"After careful market analysis, we felt that Jack Henry had the products and services that would help us execute our business plan better and more profitably than any other option. Also, there's an undeniable cultural alignment between our two companies – both are founded and raised in the state of Missouri with a passion for supporting local communities and Main Street America.\"\nJack Henry's technology modernization strategy will make modern service component...