‘Significant’ Wins Appear Harder to Come By for Banking Vendors
Jack Henry & Associates Inc., one of the major banking technology vendors, released their “significant wins” list for 2Q and there are but three banks with assets of more than $1 billion on the list. If these are the “significant wins,” then perhaps banking technology vendors are finding it more difficult to score large clients.
Truth be told, Jack Henry has never been the big bank’s IT provider, but I’ve watched the company’s quarterly “wins” report for some time, and I can’t recall so few $1 billion banks on the list. Just $1 billion banks Pacific Continental Bank of Eugene, Ore., Simmons First National Bank of Pine Bluff, Ark., and IberiaBank of Lafayette, La., bought Jack Henry products last quarter. Most of the 30 or so wins Jack Henry disclosed were from banks with assets of less than $500 million. Can you even call the sale of Jack Henry’s SilverLake System for core processing to $64-million-of-assets The Bank of Milan of Milan, Tenn., a “significant win”? A sign of the New Era in banking, I suppose.
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