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Jack Henry (JKHY) Boosts Lending Division With New Capability
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Jack Henry & Associates’ (JKHY - Free Report) division Jack Henry Lending has incorporated tax return spreading into its digital lending platform called LoanVantage.
With the help of the tax return spreading, banks and credit unions will be able to automate and streamline the procedure.
Additionally, they can seamlessly import personal and professional tax return files into the spreads.
We note that the latest move has strengthened the offerings of the company’s lending division.
Further, Jack Henry is expected to gain momentum across banks and credit unions on the back of the new capability as it will boost their work efficiency and save time.
This, in turn, will contribute to its top-line growth in the upcoming period.
The recent move bodes well for Jack Henry’s growing efforts to strengthen its product portfolio.
Apart from the latest step, Jack Henry Lending launched a powerful digital solution named FactorSoft Web Portal that provides near-real-time servicing to lenders anytime and anywhere.
It also released agricultural industry spreading models to help financial institutions in seamless processing of agricultural loans.
Additionally, the availability of Jack Henry Consumer Loans for creating and managing loans as well as supporting borrower relationships remains noteworthy.
Further, Jack Henry introduced SecurePort for banks to help customers gain access to account balances and funds and protect them in times of crisis.
Growing Customer Base
Jack Henry has been witnessing continuous growth in the client base owing to an efficient and reliable solutions portfolio.
Recently, its long-term partner, Needham Bank, has already shown interest in the tax return spreading capability.
Apart from this, the company extended collaboration with Crews Banking Corporation. Per the terms, Crews will use Jack Henry’s solutions for advancing its banking operations.
JKHY has also expanded its partnership with FirstBank. FirstBank selected Jack Henry’s digital commercial loan platform for creating an efficient digital experience for both borrowers and lenders.
Additionally, Jack Henry and CU Business Group signed a referral partnership to make availability of payments, digital lending as well as financial performance solutions from Jack Henry to the latter’s network of more than 600 credit unions.
Further, the company has more than 300 banks and credit union partners, which remains a positive. These banks and credit unions leverage its Gladiator Centurion Enterprise-Level Recovery solution for securing the backup and recovery of critical systems in the cloud.
Zacks Rank & Other Stocks to Consider
Currently, Jack Henry carries a Zacks Rank #2 (Buy).
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Jack Henry (JKHY) Boosts Lending Division With New Capability
Jack Henry & Associates’ (JKHY - Free Report) division Jack Henry Lending has incorporated tax return spreading into its digital lending platform called LoanVantage.
With the help of the tax return spreading, banks and credit unions will be able to automate and streamline the procedure.
Additionally, they can seamlessly import personal and professional tax return files into the spreads.
We note that the latest move has strengthened the offerings of the company’s lending division.
Further, Jack Henry is expected to gain momentum across banks and credit unions on the back of the new capability as it will boost their work efficiency and save time.
This, in turn, will contribute to its top-line growth in the upcoming period.
Jack Henry & Associates, Inc. Price
Jack Henry & Associates, Inc. price | Jack Henry & Associates, Inc. Quote
Portfolio Strength
The recent move bodes well for Jack Henry’s growing efforts to strengthen its product portfolio.
Apart from the latest step, Jack Henry Lending launched a powerful digital solution named FactorSoft Web Portal that provides near-real-time servicing to lenders anytime and anywhere.
It also released agricultural industry spreading models to help financial institutions in seamless processing of agricultural loans.
Additionally, the availability of Jack Henry Consumer Loans for creating and managing loans as well as supporting borrower relationships remains noteworthy.
Further, Jack Henry introduced SecurePort for banks to help customers gain access to account balances and funds and protect them in times of crisis.
Growing Customer Base
Jack Henry has been witnessing continuous growth in the client base owing to an efficient and reliable solutions portfolio.
Recently, its long-term partner, Needham Bank, has already shown interest in the tax return spreading capability.
Apart from this, the company extended collaboration with Crews Banking Corporation. Per the terms, Crews will use Jack Henry’s solutions for advancing its banking operations.
JKHY has also expanded its partnership with FirstBank. FirstBank selected Jack Henry’s digital commercial loan platform for creating an efficient digital experience for both borrowers and lenders.
Additionally, Jack Henry and CU Business Group signed a referral partnership to make availability of payments, digital lending as well as financial performance solutions from Jack Henry to the latter’s network of more than 600 credit unions.
Further, the company has more than 300 banks and credit union partners, which remains a positive. These banks and credit unions leverage its Gladiator Centurion Enterprise-Level Recovery solution for securing the backup and recovery of critical systems in the cloud.
Zacks Rank & Other Stocks to Consider
Currently, Jack Henry carries a Zacks Rank #2 (Buy).
Investors interested in the broader technology sector can also consider stocks like Advanced Micro Devices (AMD - Free Report) , Mimecast Limited and TaskUs (TASK - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Advanced Micro Devices has gained 58.4% on a year-to-date basis. The long-term earnings growth rate for the stock is currently projected at 46.2%.
Mimecast has gained 39.2% on a year-to-date basis. The long-term earnings growth rate for the stock is currently projected at 35%.
TaskUs has gained 41.4% on a year-to-date basis. The long-term earnings growth rate for the stock is currently projected at 32.8%.