United Bank in Alabama Partners with Jack Henry for Digital Transformation
United Bank, which provides business and retail banking services to communities across southwest Alabama and Florida, US, has partnered with Jack Henry to power its latest digital innovation efforts.
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{TheChronicle} –United Bank, boasting approximately $1.2 billion in assets, is set to upgrade its technology infrastructure by partnering with Jack Henry. This collaboration will see the bank implement Jack Henry's core processing solution and the LoanVantage commercial loan origination platform.
The LoanVantage platform will enable United Bank to offer a broader range of loans, including commercial and industrial loans, asset-based loans, and both secured and unsecured loans. It features automated decision-making tools that will streamline the lending process.
Established in 1904 with a focus on serving agricultural communities, United Bank currently provides various loan options such as working capital loans, farm equipment loans, mortgages, and personal loans.
To enhance customer experience, the bank will also adopt Jack Henry's Banno Digital Platform. This platform includes over 250 API integrations with third-party fintechs, which will help the bank strengthen its digital services in response to customer needs.
United Bank already offers mobile and online banking services, allowing customers to manage their finances by sending and receiving funds, paying bills, and reviewing transactions.
Mike Vincent, CEO of United Bank, states that the partnership with Jack Henry will "address our current technology gaps, streamline our processes, and help us stand out in our communities by enhancing our customer experience."
With these new technological advancements, United Bank plans to pursue a growth strategy that includes organic growth, acquisitions, and geographic expansion.
