#USA #Baltimore #Financial Technology #Jack Henry #CFG Bank

CFG Bank Partners with Jack Henry

In a significant move toward modernization, CFG Bank, Baltimore's largest bank, has engaged Jack Henry™ to enhance its technology framework. This partnership aims to promote innovation, streamline operations, and enable sustainable growth for CFG Bank, which has seen rapid expansion in recent years.

Founded in 2009, CFG Bank serves a diverse range of commercial clients while also offering retail banking services both in-branch and online. Distinguished by its private ownership and entrepreneurial spirit, the bank is committed to relationship banking, a philosophy deeply ingrained in its operations. One of CFG Bank's notable achievements is becoming one of the leading healthcare bridge-to-HUD lenders in the U.S., a niche that underscores its strategy of tailoring banking solutions to meet specific market demands.

Since the end of 2019, CFG Bank has grown from $1 billion to over $5 billion in assets. This impressive growth trajectory necessitated an upgrade in its technological foundation. Jack Henry’s advanced core processing platform is set to address these needs by enhancing operational efficiency and providing improved control over data management.

Among the various enhancements, the adoption of the Banno Digital Platform™ promises to significantly elevate the retail banking experience. CFG Bank recognizes the importance of embracing digital solutions, especially given its relatively small branch network. Furthermore, the implementation of Jack Henry's Enterprise Workflow solution is anticipated to replace traditional manual processes, leading to increased operational efficiency.

Jack Henry’s extensive ecosystem, which boasts over 950 API-integrated fintech partners, is expected to be a game-changer for CFG Bank. This accessibility will enable CFG to expand its niche services, aligning solutions with client needs more effectively.

Deborah Kakaris, Executive Vice President and Chief Risk Information Officer at CFG Bank, emphasized the importance of a modern technology foundation. "Our business has experienced tremendous growth, and with that comes the need for enhanced efficiency and better data management. We required a tech partner that could keep pace with our growth and share our innovative approach. Jack Henry presented that combination perfectly," she remarked.

Erik Howard, President of CFG Bank, echoed this sentiment, stating, "Uniquely, we do not operate like a traditional bank. Our entrepreneurial approach demands partners who understand our culture. Jack Henry embodies that spirit and offers the flexibility and responsiveness we value. Having a partner whose values resonate with ours is crucial for our continued success."

Looking ahead, Jack Henry plans to provide a continuous stream of modern service components over the public cloud. This arrangement will allow CFG to leverage new capabilities aligned with their growth trajectory. Kakaris noted, "Jack Henry's strategy is forward-thinking, reflecting the future of core technologies. We realized that while we contemplated bringing public cloud systems in-house, partnering with Jack Henry was the right move. Their roadmap offers the assurance that our technology will evolve with us as we grow."

Jonathan Baltzell, President of Bank Solutions at Jack Henry, commented on CFG Bank's rapid growth. "CFG Bank has combined a niche focus with an entrepreneurial mindset and deep commitment to relationship banking. They needed a tech infrastructure to match this pace of innovation while preserving their unique culture. We are committed to supporting their vision with our open solutions," he explained.

In conclusion, CFG Bank’s partnership with Jack Henry is set to redefine its operational landscape, enhancing its service offerings and customer engagement. As the bank continues its trajectory of growth, the collaboration with Jack Henry promises to unlock new possibilities for service innovation, operational efficiency, and sustained success in the financial sector.