Yahoo Finance Jack Henry (JKHY) Boosts Digital Banking With Atomic Tie-Up
Jack Henry & Associates JKHY formed partnership with a leading provider of payroll connectivity, Atomic.
Per the terms, JKHY’s digital banking platform is providing customers with Atomic’s direct deposit setup and switching solution, named Deposit.
With the help of Deposit solution, financial institutions can enable their customers to set up their account digitally and convert direct deposits to fund accounts. This will make banking experience easier for customers.
In July 2022, Atomic made an initial launch of Deposit plugin on the Jack Henry digital banking platform to let Banno Digital platform customers access first-to-market setup and switching solution.
Now, with the active availability of Deposit solution on the JKHY digital banking platform, existing Banno users can install and activate the Deposit plugin to their bank’s mobile app or online banking platform in a couple of hours.
The collaboration with Atomic is expected to help Jack Henry to gain momentum among banks and credit unions which in turn will drive its top line in the days ahead.
Consequently, this is expected to help Jack Henry to win the confidence of the investors in the near term and long haul.
Shares of JKHY have been up 14.3% in the year-to-date period against the Computer and Technology sector’s decline of 30.2%.
Jack Henry & Associates, Inc. Price and Consensus
Jack Henry & Associates, Inc. price-consensus-chart | Jack Henry & Associates, Inc. Quote
Portfolio Strength – Key Catalyst
The partnership with Atomic bodes well with Jack Henry’s growing efforts to strengthen its digital banking platform.
Apart from this, Jack Henry acquired a digital payments company named Payrailz to expand its payment services for helping financial institutions seamlessly cater to the needs of consumer and commercial account holders.
JKHY introduced the Vendor Management Program to its Governance, Risk and Compliance Suite to provide assistance to financial institutions.
Jack Henry also unveiled SecurePort for banks to help customers access account balances and funds as well as protect the same in times of crisis.
Further, Jack Henry Lending launched a powerful digital solution named FactorSoft Web Portal, providing near real-time servicing to lenders anytime and anywhere.
Growing Customer Base
Jack Henry’s robust portfolio of fintech solutions is helping it to gain traction among various banks and credit unions.
Recently, Woodsville Guaranty Savings Bank selected JKHY to use the latter’s digital features and functionalities to provide an enhanced user experience to customers and employees.
Apart from this, Jack Henry was picked by LINKBANCORP. The firm uses JKHY’s digital-banking and lending capabilities, including the Banno Digital Platform and LoanVantage to enhance operational efficiencies and offer better banking facilities to customers.
Jack Henry announced that Great Plains National Bank is using its BusinessManager solution to help local businesses generate additional revenue sources and survive in the post-pandemic world.
The Bank of Burlington, RockPoint Bank and Moultrie Bank & Trust chose JKHY’s technology platform to make their financial services accessible to local communities.
Further, Jack Henry and Old Second National Bank expanded their relationship to execute growth and digital strategies.
Zacks Rank & Stocks to Consider
Currently, Jack Henry carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Zacks Computer & Technology sector are Arista Networks ANET, Airbnb ABNB and Asure Software ASUR. While Arista Networks and Asure Software sport a Zacks Rank #1 (Strong Buy), Airbnb carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks has lost 2.7% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 17.5%.
Airbnb has lost 39.2% in the year-to-date period. ABNB’s long-term earnings growth rate is currently projected at 20.7%.
Asure Software has gained 12.2% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 23%.
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