Jack Henry Lending Automates Income Tax Averaging and Streamlines Lending Process
MONETT, Mo., December 8, 2021 / PRNewswire / – Jack Henry & Associates, Inc. (NASDAQ: JKHY) today announced that Jack Henry Lending has integrated tax reporting into its digital lending platform to streamline and automate the process, increase efficiency and reduce loan turnaround times for banks and credit unions.
The spreading of income tax returns has traditionally been a very manual and time-consuming aspect of the loan, which adds time to loan execution. By integrating the tax return into LoanVantageÂ®, banks and credit unions can automate the process and import personal and business tax return files directly and quickly into spreads. The enhancement is compatible with any PDF document, scanned or digital, and includes several layers of sophisticated business logic to handle potential errors. Because it is fully integrated with the lending platform, employees of banks and credit unions have a faster and more streamlined experience.
Needham Bank, with nearly $ 3 billion in assets, leveraged Jack Henry digital loan platform for commercial loans for six years and recently added the improvement of the spreading of tax returns. Wayne dunn, Director of FVP System Development for the bank, explained: âWith Jack Henry, we have automated what was once a very manual and tedious process, bringing significant value to our bank. We were able to save almost 40 hours per month and increase productivity by around 25% by taking advantage of the improved tax filing spread.At Needham Bank, we believe you can either work with vendors, either with partners; Jacques Henri is a true partner. “
Addition of the automated tax return spread across Jack Henry Fully digital loan creation, decision-making and portfolio management workflows are just another example of how the platform helps institutions improve the borrower experience, increase productivity and develop transparently.
Gary lewis, Managing Director of Jack Henry Lending, commented, âFinancial institutions are challenged to serve borrowers and honor loans more efficiently than ever as new competitors emerge and margins continue to shrink. With our improved tax filing spread, time spent on tedious tasks can be drastically reduced, freeing up resources and focusing on borrower relationship building and portfolio growth. digital lending system provides banks and credit unions across the country with a one-stop solution to create, manage and support relationships with borrowers of all types, saving time and increasing efficiency and forging a strong competitive advantage. ”
On Jacques Henri & Associates, Inc.
Jacques Henri (NASDAQ: JKHY) is a leading SaaS provider primarily aimed at the financial services industry. We are an S&P 500 company serving approximately 8,500 clients nationwide through three divisions: Jack Henry BankÂ® supports banks ranging from community banks to multi-billion dollar institutions; SymitarÂ® provides leading edge solutions to credit unions of all sizes; and Profit StarsÂ® offers highly specialized solutions to financial institutions of all asset sizes, as well as to various corporate entities outside the financial services industry. With a heritage of dedicated openness, partnership and user orientation for more than 40 years, we are well positioned as the driving force behind the market for digital solutions and payment processing services ready for the customer. to come up. We give our customers and consumers human-centered, technology-driven and knowledge-driven solutions that will get them where they want to go. Are you ready for the future? Additional information is available at www.jackhenry.com.
Statements made in this press release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. More 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, is included in its filings with the Securities and Exchange Commission (SEC) on Form 10-K, and potential investors should consider these statements. Finally, there may be other factors not mentioned above or included in documents filed by the Company with the SEC that may cause actual results to differ materially from any forward-looking information.
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