#United States #Jack Henry #Symitar #Monett #Abound Credit Union

Abound Credit Union's Transformation Journey

Abound Credit Union, a cornerstone of the Kentucky community, is taking significant steps to modernize its financial services for over 130,000 members. Recently, this credit union has partnered with Jack Henry, a renowned financial technology firm, to implement the cutting-edge Symitar core platform along with an array of cloud-based solutions designed to elevate the banking experience.

Founded 75 years ago, Abound Credit Union began as a small institution catering to just 10 employees at Fort Knox. Since then, it has experienced remarkable growth, amassing $2.4 billion in assets. However, the challenges of maintaining legacy technology have prompted the leadership at Abound to rethink how they serve their members.

The Need for Change

Ray Springsteen, CEO of Abound Credit Union, acknowledged the difficulties faced in attracting younger generations and meeting the evolving demands of their existing member base. The reliance on outdated technologies and workarounds was hindering the credit union's growth and ability to provide services that resonate with today's consumers. By partnering with Jack Henry, Abound aims to gain access to advanced technology solutions that not only cater to current needs but also align with future ambitions.

A Robust Technological Framework

The collaboration with Jack Henry offers a host of benefits. Abound will take advantage of several integrated solutions such as the Jack Henry Data Hub™, which delivers real-time insights into member interactions. Furthermore, the Banno Digital Platform™ promises an intuitive digital experience, making it easier for members to access services anytime, anywhere. The flexibility of the Banno Digital Toolkit™ means that carious functionalities can be customized and seamlessly integrated with third-party providers. This versatility is crucial in a landscape where digital banking is not just an option, but an expectation.

Additionally, Jack Henry’s suite of solutions—including tools for business banking, payments, lending, and fraud detection—will enhance the comprehensive service offerings available to Abound's members. The aim is to create a smoother, more personalized banking experience that ultimately strengthens relationships with members.

Empowering the Future

Brynn Ammon, President of Credit Union Solutions at Jack Henry, emphasized the collaborative effort in embracing this technology shift. The modernization strategy is designed to equip institutions like Abound with the necessary tools to innovate and adapt. This is particularly pertinent as the financial landscape continues to evolve, demanding agility and an unwavering focus on customer needs.

“What excites us is not just the technology itself, but how it empowers Abound to craft a banking experience that rewards a diverse member base,” noted Ammon. This shared vision supports Abound's mission to create lasting relationships with its members, ensuring financial inclusivity for all Kentuckians.

Looking Forward

As Abound Credit Union embarks on this new chapter, the partnership with Jack Henry marks a strategic move towards enhancing operational capabilities while nurturing the personal touch that small institutions are known for. By investing in automation and intelligent solutions, Abound is poised to serve its community better for the next 75 years and beyond.

In conclusion, the fusion of Abound's commitment to its members with Jack Henry's innovative technologies sets a strong foundation for continued growth and service excellence in Kentucky's financial landscape.