Information Technology and Symitar Core banking transformation enabled Credit Union to thrive during the pandemic and beyond
MONETT, Mo., May 18, 2021 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar® division today announced that its client, Delta Community Credit Union, received a Celent Model Bank 2021 Award for Retail Digital Transformation. The $8.3 billion-asset credit union is acknowledged for its unique, comprehensive transformation of both technology and operations that improved business continuity and member satisfaction.
Delta Community began its multi-year Information Technology (IT) and core banking system transformation in 2015. The Atlanta-based organization strengthened its IT team and formalized IT project governance, built stronger, consolidated relationships with key vendors, improved its member-facing technologies, and began transforming back-office technologies and operations. Delta Community relies on Jack Henry for its Symitar core, roadmap, and technology assessments, and partnered with its SymAdvisor consulting team throughout the transformation to access capabilities for new core banking products and services as well as streamline existing processes.
"Delta Community's strategic technology initiative demonstrates the value of long-term planning and trusted partnerships with vendors like Jack Henry & Associates," said Craig Focardi, senior analyst of banking at Celent. "Above all, it shows the value of having a 'member-first' credit union perspective – which means valuing the bigger picture over a short-term focus on quarterly earnings. Delta Community sets an example for financial institutions in the importance of working with technology partners to ensure systems are consolidated, up to date and are being leveraged to their best capacity. As a result, the credit union was prepared for a quick switch to the pandemic's demands and even grew in the process."
A transformation focused on "people, process, and technology" enabled Delta Community to quickly adapt to the pandemic while maintaining member service levels in a remote environment. Despite the challenges of 2020, Delta Community reported member growth of more than four percent and a Net Promoter® score of 76 percent – a customer recommendation rate far beyond most competitors.
Tim Mitchell, Delta Community's chief information officer, added, "We knew our IT transformation would pay dividends, and the dramatic events of 2020 demonstrated its full power and possibilities. The pandemic significantly impacted our business, but in no way derailed our ability to fulfill the financial needs of our members. Jack Henry's SymAdvisor team helped the credit union make the most of our core system technology and open integrations, creating a modern and flexible solution that allowed us to meet changing needs of our members and employees. Now, we are on a trajectory for continued growth and success."
Shanon McLachlan, president of Symitar, said, "We're proud to have Delta Community recognized for the success of its technology transformation. This is a strong example of how financial institutions can maximize their existing technology and strategic partnerships to save time, effort, and costs. Investing in technology and infrastructure now can help institutions become more resilient in the future."
Symitar, a division of Jack Henry & Associates, Inc.®, is the leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 700 credit unions, serving as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.com.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ: JKHY) is a leading SaaS provider primarily for the financial services industry. We are a S&P 500 company that serves approximately 8,500 clients nationwide through three divisions: Jack Henry Banking® provides innovative solutions to community and regional banks; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in cloud-based digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
SOURCE Jack Henry & Associates, Inc.