Banks and credit unions prioritized digital integration in 2024, with 75% saying they increased their technology spend, according to a recent survey. 

More than 100 bank and technology company leaders were surveyed nationwide for research company Bank Director’s 2024 Technology Survey, released in September, which showed that throughout the year, banks and credit unions made the following investments: 

• 53% in payments; 

• 46% in digital retail account opening; 

• 37% in digital commercial account opening; and 

• 32% in data analysis. 

Technology provider Jack Henry’s 2024 Strategy Benchmark priorities report, released in April, found that 80% of its clients planned to increase tech spend over the next two years, paralleling Bank Director’s findings, Greg Adelson, chief executive at Jack Henry, said during the company’s first-quarter fiscal 2025 earnings call on Nov. 6. 

‘Streamlined’ solution

For example, $1.1 billion First Bank of Alabama announced on Nov. 12 that it will tap Jack Henry for its core processing solution, SilverLake, along with its digital banking platform Banno Digital, Mitch Key, executive vice president and chief operating officer at the bank, told Bank Automation News. 

“SilverLake stood out as it will allow us to address operational inefficiencies by reducing fragmentation and automating processes, enabling us to run a more streamlined and efficient bank,” Key said.  

The full tech stack will be integrated and operational in the second quarter of 2025, Key said. 

While the bank was already using a digital banking platform, Banno Digital “is a stronger fit, offering a more seamless customer experience for both retail and small business customers,” he said. “We were also drawn to Banno’s smooth core integration and the product’s direction from a strategic perspective.” 

Additional investment

The following financial institutions have also tapped Jack Henry: 

• The $632 million CommonWealth Central Credit Union today announced it will use Jack Henry’s digital banking platform to improve efficiency and functionality for retail and commercial customers; 

• The $2.7 billion AmeriCU Credit Union extended its partnership with Jack Henry on Sept. 11 to launch rewards checking and debit card accounts for consumers and businesses and provide data analytics and reporting solutions for commercial customers; and 

• The $997.5 million First Federal Bank of Kansas City on July 8 chose Jack Henry as its tech partner for its Banno Digital platform to improve operational efficiency and automate processes as well as digital loan platform  LoanVantage for commercial real estate lending. 

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Editor’s Note: This story has been updated to reflect the asset size of First Bank of Alabama and conversion timeline.