Jack Henry & Associates, Inc. is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars®division announced today that 500 banks, credit unions and non-regulated institutions are leveraging their advanced commercial lending technology to automate processes, centralize data and enhance the borrower experience.
ProfitStars' Commercial Lending Center Suite™ provides all-digital loan origination, decisioning, and portfolio management workflows to save time, improve accuracy, and boost efficiencies in the commercial lending process. Centralized data and increased transparency into portfolios allow institutions to more closely and effectively manage borrower relationships for their lifetime value, rather than one loan at a time. The core-independent platform provides the modern conveniences borrowers expect, such as digital application and quick decisioning, helping institutions compete with online lenders and large, national banks.
Pine Bluff, Ark.-based Simmons Bank has nearly quadrupled in size over the past five years, from $5 billion to $18 billion in assets. The bank leverages a Jack Henry core platform and recently decided to implement ProfitStars' commercial lending platform. Matt Reddin, president of banking enterprise for Simmons Bank, explained, "We recognized the need for a more efficient, modern commercial lending solution to support our growth and help us compete in major and community markets. ProfitStars' commercial lending technology will help us boost efficiencies in both the front and back office, reducing loan turnaround time and allowing us to be more consistent in our delivery. Because the platform integrates with our core, we will be able to seamlessly input better, more accurate data. The platform will also empower our bankers with the mobility to meet borrowers where they are in the field, making our interactions more productive and meaningful."
Polish National Credit Union entered the commercial lending space just over two years ago. The Chicopee, Mass.-based institution decided to leverage ProfitStars' platform to help them manage the process with more efficiency and transparency. Rachel Dionne, senior commercial credit analyst of the credit union, explained, "We were previously relying on manual Excel spreadsheets for commercial lending, which were too paper-based and inefficient to work long term. Since implementing the ProfitStars platform, we've been able to easily track and organize relevant borrower information in one central, secure location, increasing visibility into our overall portfolio and boosting accountability across our institution. The intuitive, user-centric technology is enhancing the experience not only for our members, but employees as well."
Saint Petersburg, Fla.-based United Capital Funding is an accounts receivable and factoring company that recently converted to ProfitStars' commercial lending platform to better manage their portfolio and client performance. Ivan Baker, managing partner of United Capital Funding, commented, "We were impressed with how smooth the conversion process was; the ProfitStars team was well-organized, communicative and provided a wealth of resources throughout. Since installation, we have benefitted from more advanced portfolio management and flexible reporting tools. The platform also offers comprehensive digital capabilities that allow us to enjoy more touchpoints with our clients and connect with them when and how they prefer."
Russ Bernthal, vice president of Jack Henry & Associates and president of ProfitStars, added, "Commercial lending is commonly the last paper-based process left in banking. Our digital commercial lending platform streamlines previously disjointed systems and information and automates workflows, allowing institutions to make better decisions and optimize profits. By partnering with us, 500 institutions are empowered to more effectively manage borrower relationships from one loan experience to the next, strengthening existing relationships and driving new business opportunities. We look forward to continuing this steady momentum and providing even more institutions with the partnership and tools they need to grow their portfolios with confidence and ease."