Jack Henry Recognized for Lending Innovation in FinTech Breakthrough Awards Program

  • Lending
  • 23.03.2023 02:15 pm

Jack Henry™, 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 top companies, technologies, and products in today's global FinTech market.

LoanVantage from Jack Henry is a flexible, all-digital platform that reduces friction throughout the entire loan lifecycle. The platform's one-system approach leverages integrations that centralize data between application, underwriting, approval, and monitoring. The platform gives community and regional financial institutions the ability to compete with fintechs and megabanks by providing both the borrower and the lender an intuitive user experience.

Jack Henry's LoanVantage offers an easy-to-use borrower-facing application, complete with automated offers and approvals. The application questions and flow are configured based on the loan type and provide a simple, efficient, modern experience. A secure online portal for uploading required documents gives borrowers the choice of in-person or online interaction.

"We are incredibly honoured to be recognized by FinTech Breakthrough," said Jack Henry President of Complementary Solutions Matt Riley. "LoanVantage can shorten loan processing time 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 also can process more loans in less time by harnessing 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's available 24/7." 

123-year-old Killbuck Savings Bank, based in Killbuck, Ohio, went live with LoanVantage in April 2021. Due to the efficiencies gained, the $800-million asset bank saw its biggest 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 auditory requests quickly and efficiently," said Matthew Miller, senior vice president and a chief lending officer at the bank. "As a result, we had a record year of loan growth in 2022. Through the continued commitment from our team members and our partnership with Jack Henry, we are well-positioned to continue growing and offer our customers modern and user-friendly financial products and services."

The FinTech Breakthrough Awards is the premier awards program, 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 across the globe.

"Modern borrowers need lenders to provide fast, intuitive, and easy-to-access digital solutions. In the past, regardless of how simple or complex a loan, the process was time-consuming for organizations and borrowers alike - between multiple data entry points, paper, and spreadsheets and old processes," said James Johnson, Managing Director of FinTech Breakthrough. "LoanVantage is a breakthrough 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."

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