#USA #Jack Henry #Medford #Banno Digital #Prevail Bank

Prevail Bank Embraces Technology with Jack Henry

In a significant move towards modernization, Prevail Bank has entered into a partnership with Jack Henry to enhance its banking operations. This collaboration aims to leverage advanced technological solutions, including an open ecosystem and innovative AI functionalities, to improve customer experience and streamline processes. As part of this arrangement, the bank will implement a variety of cutting-edge tools designed to enhance its service offerings, operational efficiency, and overall market competitiveness.

Based in Medford, Wisconsin, Prevail Bank serves communities across central and northern Wisconsin. The institution, which is structured as a mutual bank, is committed to reinvesting in its personnel, customers, and the wider community. Its objectives include expanding commercial and small business banking efforts while also aiming to bolster deposits and enhance competition against larger banking institutions and emerging fintech companies. By collaborating with Jack Henry, Prevail Bank seeks to align itself with a technology provider that shares its vision for growth and sustainability.

A Suite of Integrated Solutions

To facilitate its growth ambitions, Prevail Bank is set to adopt several key solutions from Jack Henry's extensive portfolio. Central to this plan is the Banno Digital Platform™, which will offer customers a modern digital banking experience. One notable feature of this platform is Banno Conversations™, enabling secure and authenticated communications with clients.

Another innovative solution, Tap2Local™, will empower small business clients with the ability to accept digital payments, aligning with the bank's strategy to enhance deposit growth. Furthermore, Enterprise Workflow from Jack Henry will automate manual processes, significantly improving operational efficiency.

Additionally, the Jack Henry Financial Crimes Defender™ will play a crucial role in fortifying the bank's fraud detection efforts, ensuring compliance with Banking Secrecy Act (BSA) regulations. One of the standout features of Jack Henry's approach is its open ecosystem that offers seamless integration with a vast network of over 1,000 third-party fintechs, enabling Prevail Bank to explore new partnerships and offerings.

AI Innovation at the Core

A pivotal component in Prevail Bank's decision to partner with Jack Henry was the latter's commitment to continuous innovation in the field of Artificial Intelligence (AI). Recently, Jack Henry introduced AI-assisted functionalities capable of automatically drafting narratives for Suspicious Activity Reports (SARs), which has dramatically reduced the time spent on suspicious activity investigations. This allows fraud investigators to concentrate their efforts more effectively on identifying and mitigating fraudulent activities.

Nathan Quinnell, President of Prevail Bank, articulated the rationale behind their choice, stating, "We need a technology provider with a proven track record. Jack Henry’s open ecosystem allows us the flexibility to develop partnerships that enhance our service offerings in ways we haven't been able to achieve before. Their commitment to high service standards aligns perfectly with our values."

Quinnell further emphasized that Jack Henry's ongoing AI innovations would not only boost productivity but also foster long-term efficiencies in operations. With a focus on empowering their employees and enhancing customer interactions, Jack Henry's technology could potentially streamline lending processes, accelerate internal operations, and improve communication with clients.

Looking Ahead

Jonathan Baltzell, President of Bank Solutions at Jack Henry, expressed enthusiasm about the partnership, noting, "Prevail Bank has a clear vision for the future of banking in its community, characterized by a strong emphasis on innovation and operational excellence." He emphasizes that Jack Henry is prepared to support this vision through its robust technology solutions, ensuring that both employees and customers receive the advanced banking experience they deserve.

As Prevail Bank embarks on this new chapter in its growth story, the collaboration with Jack Henry signals a commitment to not just keep pace with the evolving banking landscape but to lead with innovation that meets the needs of its customers and community. The integration of these modern technologies stands as a testament to Prevail Bank's mission of forging deeper connections within the communities it serves while championing a future of progressive banking practices.