Jack Henry & Associates, Inc.® (NASDAQ: JKHY) announced today that Old Missouri Bank (OMB) selected Jack Henry to provide a modern and open banking platform as part of the bank’s expansion.
Springfield, Mo.-based OMB is building a new digital bank, launching in early 2023, with the aim to expand geographically and serve customers nationwide. The bank plans to serve all types of customers, from personal banking customers to small and mid-sized businesses and large corporate clients. Adding new features and functionality to the bank’s previous banking platform proved too expensive and time-consuming. Jack Henry’s infrastructure is open and flexible, allowing the bank to access a variety of fintechs, building a unique and competitive ecosystem. The bank can integrate directly with the Jack Henry banking system using jXchangeTM or with the Banno Digital PlatformTM using the Banno Digital ToolkitSM.
Stephen Bishop, chief operating officer at OMB, explained, “Delivering an exceptional experience to our customer base is the core of what we do. Jack Henry gives us the tools to execute our customer promise while giving us the scale, infrastructure, and openness we need to build a well-rounded and competitive portfolio to meet very ambitious growth goals. This new business plan will position our community bank to double or even triple our assets in the next three years while not only maintaining but growing our commitment to serving our customers and community we’re built upon.”
In addition to the Jack Henry banking system and Banno Digital Platform, OMB is leveraging Jack Henry’s digital lending, deposit, and payment solutions. Automating the commercial lending process will create a more seamless and user-friendly experience for both borrowers and lenders. The bank also added Jack Henry’s treasury management services to help mid-sized to large commercial customers manage day-to-day cash flow as well as long-term financial positioning, thus diversifying its portfolio while increasing deposits to lower the cost of lending.
Bishop added, “We are committed to providing excellent service while building strong, long-term relationships. We never question the dedication and hard work that is needed to get the job done, and we see that in Jack Henry as well. The company is aligned with our vision for growth and modern banking and truly understands our commitment to community. Their open banking capabilities, combined with their proven and effective technologies, are what we need to reach our goals.”
Stacey Zengel, senior vice president of Jack Henry & Associates and president of Jack Henry Banking, said,
“OMB is scaling the values and service its established in Missouri to a larger audience in need of digital banking with personal support. It is building a financial experience that will compete with any large bank or fintech, and one that will win on service. This is exactly why we built Jack Henry’s open platform. As a well-rounded financial technology company, we are proud to service the bank in such a pivotal moment in its history.”