Jack Henry recognized for lending innovation in FinTech Breakthrough Awards Program
Annual awards program honors outstanding financial technology products and companies
MONETT, Mo. , March 23, 2023 /PRNewswire/ — Jack Henry™ (Nasdaq: JKHY ), today announced that its LoanVantage solution has been selected as the winner of the “Best Loan Origination Platform” award in the 7th annual FinTech Breakthrough Awards program. The program is conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in today’s global FinTech market.
LoanVantage from Jack Henry is a flexible, fully digital platform that reduces friction throughout the loan lifecycle. The platform’s one-system approach utilizes integrations that centralize data between application, guarantee, approval and monitoring. The platform empowers community and regional financial institutions to compete with fintechs and megabanks by providing both the borrower and lender with an intuitive user experience.
Jack Henry’s LoanVantage offers an easy-to-use application for borrowers, complete with automated offers and approvals. The application questions and flow are configured based on the loan type and provide a simple, efficient and modern experience. A secure online portal for uploading required documents gives borrowers the choice between in-person or online interaction.
“We are incredibly honored to be recognized by FinTech Breakthrough,” said Jack Henry, President of Complementary Solutions, Matt Riley. “LoanVantage can shorten loan processing times from weeks to minutes, enabling financial institutions to deliver easy-to-use, modern technology to effectively compete and win in today’s challenging market. Banks and credit unions can also process more loans in less time by leveraging the capabilities of an end-to-end system for both consumer and commercial loans. LoanVantage’s digital experience helps financial institutions attract and support the diverse lending needs of the people and businesses they serve, all in a remote environment that is accessible 24/7.”
123-year-old Killbuck Savings Bank, based in Killbuck, Ohio, went live with LoanVantage in April 2021. Due to the efficiencies achieved, the $800 million bank had its largest lending year ever in 2022, increasing loan volume by 25% and processing over 1,000 commercial loans through LoanVantage alone.
“LoanVantage automated and streamlined internal processes, freeing up bankers’ time to focus on customers, improving accuracy and enabling us to complete audit inquiries quickly and efficiently,” said Matthew Miller, senior vice president and chief lending officer at the bank. “As a result, we had a record year of lending growth in 2022. Through the continued commitment of our team members and our partnership with Jack Henry, we are well positioned to continue to grow and offer our customers modern and user-friendly financial products and services.”
The FinTech Breakthrough Awards is the premier awards programme, founded to recognize FinTech innovators, leaders and visionaries from around the world in a range of categories including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from around the world.
“Modern borrowers need lenders to offer fast, intuitive and easily accessible digital solutions. In the past, no matter how simple or complex a loan, the process was time-consuming for organizations and borrowers – between multiple data entry points, paper, and spreadsheets and legacy processes,” said James Johnson, CEO of FinTech Breakthrough. “LoanVantage is a groundbreaking solution for today’s modern borrower, streamlining and standardizing lending processes while controlling risk. Designed for ease of use and maximum flexibility, LoanVantage is transforming the lending process by making things run more smoothly and efficiently.”
About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes transparency, collaboration and user-centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 46 years, Jack Henry has delivered technology solutions to enable clients to innovate faster, differentiate strategically and compete successfully while serving the changing needs of their account holders. We empower approximately 8,000 customers with human-inspired innovation, personalized service and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership worldwide, the FinTech Breakthrough Awards program is dedicated to honoring excellence in financial technologies and services, companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including payments, personal finance, wealth management, fraud protection, banking, lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
SOURCE Jack Henry & Associates, Inc.
