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Jack Henry's Symitar: The Leading Platform for Credit Unions

In a recent report by Callahan & Associates, the Symitar platform from Jack Henry has been reaffirmed as the number one solution for credit unions. This marks the platform’s continued dominance in the financial technology sector, particularly among credit unions with significant assets. Since 2018, Jack Henry's Symitar has consistently topped the charts, showcasing its ability to provide essential services efficiently.

The 2024 annual report evaluated 28 core platforms tailored for credit unions with assets exceeding $400 million. Notably, Jack Henry experienced the largest growth among these providers, attracting numerous new clients. Currently, more than 700 credit unions rely on Symitar, which is part of a service lineup from three prominent providers including Member Driven Technologies and Synergent. With its robust offerings, Symitar especially excels in the segment of credit unions boasting over $1 billion in assets, serving 212 of such institutions – an increase from the previous year. Furthermore, it has also emerged as the preferred choice for those holdings between $250 million and $1 billion.

Andrew Lepczyk, an analyst at Callahan & Associates, highlighted that the evolution of core platforms has been pivotal as members increasingly demand high-quality service that aligns with modern banking technologies. As customer expectations continue to shift, Lepczyk anticipates this trend will persist, prompting credit unions to prioritize advanced technology in their operational strategies.

Jack Henry embraces this trend, with leadership emphasizing the growing importance of tech capabilities in decision-making. Brynn Ammon, president of Credit Union Solutions at Jack Henry, reiterates the firm’s commitment to service and innovation, which have long been foundational principles of the company. "Our extensive experience allows us to offer unparalleled service while driving innovative solutions tailored to meet the needs of credit unions across the nation. Our cloud-native technology modernization strategy aims to provide cutting-edge solutions that are accessible to all credit unions," affirmed Ammon.

The report further noted a healthy growth in credit union memberships, with an impressive rise of 2.4% this year, translating to approximately 3.3 million new members. According to Lepczyk, this trend signifies the resilience and preparedness of credit unions amidst ever-evolving industry dynamics. He remarked, "It is clear that American consumers continue to trust credit unions for their financial needs, which speaks volumes about their operational readiness for future challenges."

Jack Henry & Associates, Inc., a trusted player in the financial technology realm, has been empowering financial institutions for over 48 years. Its approach revolves around fostering connections between banks, credit unions, and the communities they serve. Being listed on the S&P 500, the company blends user-centric designs with collaborative strategies to create a thriving ecosystem of modern capabilities and fintech integrations. Jack Henry serves approximately 7,500 clients, focusing on driving innovation and inclusivity in the financial sector. Detailed information on their offerings can be found on their official website: www.jackhenry.com.

In conclusion, Jack Henry's Symitar continues to stand out in the competitive landscape of financial solutions for credit unions. With a steadfast commitment to innovation and superior service, it sets the benchmark for technological advancement in this essential sector.