Credit Union Abound Embraces Tech Overhaul, Collaborating with Jack Henry
In a significant move, Abound Credit Union, a Kentucky-based institution with $2.4 billion in assets, has partnered with Jack Henry to modernize its banking experience. Founded 75 years ago to serve just 10 Fort Knox employees, Abound Credit Union now serves over 130,000 members across the state.
The partnership, which includes the adoption of Jack Henry's Symitar core platform and cloud-based solutions, aims to empower Abound Credit Union to drive innovation and deliver value to every member. Ray Springsteen, CEO at Abound Credit Union, believes that Jack Henry understands the credit union's vision and what it takes to cater to its members' diverse financial situations.
One of the key benefits of Jack Henry's open, cloud-native platform is its flexibility, future-readiness, and scalability. This enables Abound Credit Union to support growth without sacrificing personal connections with members. The platform seamlessly integrates third-party solutions, enabling Abound Credit Union's members to have a wide range of financial services.
The Banno Digital ToolkitTM from Jack Henry allows for easy customization, ensuring a seamless integration with third-party providers at Abound Credit Union. This integration supports an ecosystem that can onboard innovative services without disrupting core operations. The Banno Digital PlatformTM offers an intuitive digital experience for Abound Credit Union members.
Abound Credit Union will leverage Jack Henry's lending solutions and data hub for real-time member insights. This will enable the credit union to deliver a more personalized, convenient, and secure banking experience. Members will have access to real-time data and insights, empowering them with timely financial information.
The partnership also includes the implementation of Jack Henry's financial crimes solutions, payments solutions, and business banking solutions. These additions will enhance the offerings at Abound Credit Union, providing a comprehensive suite of financial services.
Brynn Ammon, President of Credit Union Solutions at Jack Henry, states that the technology modernization strategy aims to empower institutions like Abound to drive innovation and deliver value to every member. The strategy is designed to support Abound Credit Union's growth and deepen its impact in Kentucky.
By moving from legacy systems to a modern technology stack, Abound Credit Union hopes to eliminate workarounds and outdated processes. The partnership with Jack Henry aligns with their vision and allows focusing resources on serving the community's financial needs effectively and sustainably.
In summary, Abound Credit Union’s partnership with Jack Henry and the deployment of the Symitar core platform and cloud solutions enable them to modernize their banking experience by providing a scalable, secure, and open platform that integrates innovative fintech services to meet diverse member needs and support long-term growth.
The partnership with Jack Henry, involving the adoption of the Symitar core platform and cloud-based solutions, enables Abound Credit Union to drive innovation and deliver value to its members by providing a scalable, secure, and open platform that supports growth and integrates fintech services.
The technology modernization strategy, designed by Jack Henry, includes the implementation of lending solutions, data hub for real-time member insights, financial crimes solutions, payments solutions, and business banking solutions, which aim to empower institutions like Abound Credit Union to cater to diverse business and financial needs.
