Business
Machias Savings Bank Chooses Jack Henry for Modern, Open Technology
154-year-old bank elevates technology strategy to continue growth and meet commercial banking needs MONETT, Mo., July 31, 2023 /PRNewswire/ -- Jack Henry™
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"154-year-old bank elevates technology strategy to continue growth and meet commercial banking needs\nMONETT, Mo., July 31, 2023 /PRNewswire/ -- Jack Henry™ (Nasdaq: JHKY) announced today that Machias Savings Bank, a $2.4 billion-asset mutual savings bank, has selected Jack Henry to modernize its technology stack and help it continue delivering high-level customer service as the bank grows.\n\n \n \n \n \n \n \n\n \nFounded 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.\nJack 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.\n\"Jack Henry's innovative mindset positions us well for a technology transformation that will help us stay competitive throughout shifting market and economic conditions,\" said Peter Greene, executive vice president and chief operating officer of Machias Savings Bank. \"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.\"\nJack 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. \"We've been serving our community for more than 150 years and want to continue doing so for generations to come,\" Greene added. \"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.\"\n\"Historic community banks like Machias Savings Bank are driven by long-term relation...