Jack Henry & Associates Strengths, Domain Expertise, and Key Differentiators
Jack Henry & Associates, Inc. was founded in 1976 as a provider of core information processing solutions for banks. Today, the Company’s extensive array of products and services includes processing transactions, automating business processes, and managing information for nearly 8,400 financial institutions and diverse corporate entities.
Jack Henry Banking is a provider of integrated data processing systems to nearly 1,000 banks ranging from de novo to multibillion-dollar institutions with assets of up to $50 billion.
Symitar is a provider of core data processing solutions for credit unions of all sizes, with over 700 credit union customers. Symitar markets one flagship core processing platform and more than 100 integrated complementary solutions that support both onpremise and private cloud operating environments.
ProfitStars is a provider of highly specialized core agnostic products and services for financial institutions. ProfitStars' more than 100 integrated complementary solutions offer highly specialized financial performance, imaging and payments processing, information security and risk management, retail delivery, and online and mobile solutions. ProfitStars’ products and services enhance the performance of traditional financial services organizations of all asset sizes and charters, and non-traditional diverse corporate entities with over 8,300 customers, comprised of over 1,600 of our core customers included in our bank and credit union customers listed above, as well as nearly 6,700 non-core customers.
Jack Henry & Associates Recent Developments
In July 2021, Jack Henry expanded its partnership with Autobooks to embed payment and invoicing capabilities into the Banno Digital Platform. The more than 500 community banks and credit unions and over 5 million registered users of the Banno Digital platform receive complementary access to an upgraded set of tools they need to provide businesses in their communities with local support backed by full-service digital solutions.
In March 2020, Jack Henry & Associates unveiled that BusinessManager has been fully integrated into the SilverLake System core platform to streamline accounts receivable (A/R) financing. This integration allows financial institutions to provide funding to their business customers with increased speed, efficiencies, and accuracy.
Jack Henry & Associates Mergers and Acquisitions (M&A) Activities
In July 2019 Jack Henry & Associates acquired Geezeo, a Boston-based provider of retail and business digital financial management solutions. Founded in 2006, Geezeo has evolved from a white label PFM provider to a critical Fintech partner of financial institutions, core processors, and complementary digital banking solutions. By processing, augmenting and storing millions of transactions, Geezeo now occupies a key role with their clients as a critical data partner. Geezeo's open and user-centric Application Programming Interface (API) allows for flexible integration within most FIs' online and mobile banking environments. By integrating seamlessly and invisibly, financial institutions can maintain their brand's look and feel, creating differentiated digital banking experiences that translate into higher revenue opportunities and increased customer engagement.
In October 2018, Jack Henry & Associates acquired BOLTS Technologies, the Pennsylvania-based developer of boltsOPEN, a next-generation digital account opening solution.
The financial services industry is clearly focused on re-engineering the delivery of traditional financial services with digital solutions. As more and more businesses and consumers expect to conduct most of their transactions and interactions digitally, the demand for online and mobile account opening is strong and growing. To meet this demand, financial institutions need a next-generation solution that balances user experience, strong security, and self-service administration and customization.
boltsOPEN is a truly innovative account opening solution that diverse banks and credit unions need to meet the evolving expectations of their existing and prospective account holders. boltsOPEN enables existing and prospective account holders to open new accounts in minutes. It leverages a modern, responsive design to ensure an intuitive user experience on any device. Its sophisticated identity verification encompasses OFAC, customer identification program (CIP), and account abuse checks. Flexible account funding options include mobile deposits, ACH, and transfers from credit and debit accounts. With access to Jack Henry's resources and technical infrastructure, boltsOPEN has the opportunity to continue to innovate in the digital space.
Jack Henry & Associates Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Jack Henry & Associates applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Jack Henry & Associates and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified ProfitStars, Jack Henry Banking, Symitar customers.
Jack Henry & Associates Overview
Ownership: - NASDAQ : JKHY
Number of Employees: 6714
Key Verticals: Banking and Financial Services,
Jack Henry & Associates Key Enterprise and Cloud Applications
ProfitStars, Jack Henry Banking, Symitar
Jack Henry & Associates Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Jack Henry & Associates Revenue Breakdown By Type, $M:
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Jack Henry & Associates Enterprise Applications Revenues By Functional Markets, $M:
Jack Henry & Associates Enterprise Applications Revenues By Verticals, $M:
Jack Henry & Associates Revenues By Region, $M
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Jack Henry & Associates Direct vs Indirect sales
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Jack Henry & Associates Customers - Breakdown by Geo, Size, Vertical and Product
No. of Jack Henry & Associates Customers: 8400
No. of Jack Henry & Associates Enterprise Applications Customers: 8400
No. of Jack Henry & Associates Cloud Customers: x
No. of Jack Henry & Associates Cloud Subscribers: x
Jack Henry delivers its solutions to more than 8,400 banks and credit unions nationwide through three business units: Jack Henry Banking, ProfitStars, and Symitar. Jack Henry Banking division, a provider of integrated data processing systems has more than 1,000 banks as clients. Its Symitar division, a provider of core data processing solutions for credit unions of all sizes has more than 700 customers. Its ProfitStars division, a provider of financial performance, imaging and payment processing, information security and risk management, retail delivery, and online and mobile solutions has approximately 8,300 domestic and international customers.
Among Jack Henry's customers are: First PREMIER Bank, Pacific National Bank, Rock Valley Credit Union, Freedom Credit Union, Shell Federal Credit Union, Florida Credit Union, Nassau Financial Federal Credit Union, First National Bank of Bastrop, Libertyville Savings Bank, DHCU Community Credit Union, The Summit Federal Credit Union, LowellBank, Northwest Federal Credit Union, Andrews Federal Credit Union, First Command Bank, Peach State Bank&Trust, Farmers State Bank, Community Choice Credit Union, American Airlines Federal Credit Union, First Community Bank.
Jack Henry & Associates Market Opportunities, M&A and Geo Expansions
At the beginning of 2021, more than 150 banks and credit unions have selected Gladiator Hosted Network Solutions (HNS) to manage IT infrastructure in Jack Henry's private cloud environment.
Jack Henry & Associates Risks and Challenges
Consolidation and failures of financial institutions will continue to reduce the number of its customers and potential customers. The company's primary market consists of approximately 4,950 commercial and savings banks and more than 5,200 credit unions. The number of commercial banks and credit unions in the United States has experienced a steady decrease over recent decades due to mergers and acquisitions and financial failures and expected this trend to continue as more consolidation occurs. Such events may reduce the number of its current and potential customers, which could negatively impact the results of operations.
Jack Henry & Associates Ecosystem, Partners, Resellers and SI
In October 2021, Jack Henry announced that Finicity, Akoya, and Plaid are among the first open banking pioneers to integrate to the Banno Digital Platform using the Banno Digital Toolkit. With the Banno Digital Toolkit, financial institutions can leverage the same API layer that the Banno Digital Platform utilizes to create and customize their own integrated fintech solutions. Jack Henry offers a growing library of popular financial services apps that are fully integrated to the Banno Platform, allowing Jack Henry's financial institution customers to have fast, secure, on-demand access to these fintech solutions. The Banno Digital Toolkit is better than a traditional SDK (software developer kit) because it presents endless possibilities for innovation and complete efficiency through a fully integrated back-office support system. It drives deeper customer engagement and loyalty via a seamless, fully branded, integrated digital banking experience.
In June 2020, Jack Henry & Associates partnered with NuData Security, a Mastercard company, to enhance the Banno Digital Platform with behavioral security. As banks and credit unions move toward a more digital experience, it is increasingly critical to minimize risk by accurately identifying real end-users from fraudulent ones. The Banno Digital Platform now features behavioral technology to identify high-risk users in real-time during login. This technology, powered by NuData Security, is available to any financial institution leveraging the Banno Digital Platform, regardless of other card brand affiliations.
In August 2020, Lakeside Bank Partners with Jack Henry & Associates to Continue Community-First Approach While Driving Growth Through Digital Banking and Expanded Services.
Jack Henry primarily sells direct and it uses resellers on a selected basis. International sales account for less than one percent of Jack Henry’s total revenues in each of its past three fiscal years.
In March 2015, ProfitStars, Jack Henry & Associates's division partnered with PayNearMe through its Enterprise Payment Solutions group, to simplify cash payment acceptance.
Jack Henry & Associates Cloud Infrastructure Insights
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Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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