Jack Henry invested in automation technology, grew its client base and explored AI during its fiscal third quarter, which ended March 31. 

The tech provider is working on a cloud-native online deposit and loan account opening solution, Chief Operating Officer and incoming Chief Executive Gregory Adelson said during Jack Henry’s May 8 earnings call.  

“The integrated solution will provide a seamless digital account opening experience for our clients that enables them to streamline processes, automate workflows and better serve both retail and commercial loan clients,” he said.

The solution is expected to start beta testing in early 2025, Adelson said.  

BIGGER PICTURE: As Jack Henry leans into automation, it is also incorporating AI into client solutions, he said. 

AI is being added to the tech provider’s following solutions: 

• Financial Crimes Defender; 
• Data Broker; 
• Executive Dashboard; and  
• Banno Conversations. 

“We are approaching AI deployment thoughtfully, ensuring it benefits our clients and associates and aligns with our commitment to data privacy, protection and security,” Adelson said.  

BY THE NUMBERS: Jack Henry also reported during the quarter, which ended March 31: 

• Total revenue up 5.9% year over year at $538.6 million. 
• Operating expenses up 6.6% YoY at $426 million. 

TRANSACTIONS: During the quarter, these financial institutions selected Jack Henry technology to boost operations: 

• $1.7 billion Springfield, Mo.-based Legacy Bank and Trust; 
• $390 million Flagler, Colo.-based High Plains Bank; and 
• $600 million Phoenix-based Copper State Credit Union. 

FUTURE LOOK: In Q3, Jack Henry announced that President of Jack Henry Credit Union Solutions Shanon McLachlan will become chief operating officer this summer, according to a March Jack Henry release. 

“Shanon is a strategic visionary leader who has significantly contributed to our company’s overall success and will continue to do so as the next chief operating officer,” Adelson said during the earnings call.  

McLachlan and incoming CEO Adelson will start in their roles on July 1, according to the release. 

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