Guilford Savings Bank expands partnership with Jack Henry for commercial lending

Monday 7 September 2020 10:58 CET | News

Guilford Savings Bank has launched the Commercial Lending Center Suite to support the commercial lending process, automating previously manual tasks.

This implementation follows the bank’s conversion to Jack Henry for core and digital banking. Jack Henry & Associates is a provider of technology solutions and payment processing services primarily for the financial services industry.

Guilford Savings Bank's previous loan origination system was largely manual; however by using a centralised platform it can boost transparency and makes information accessible, allowing the process to continue even if certain team members are out of office.

The bank leveraged Jack Henry's Paycheck Protection Program (PPP) lending solution to help businesses during a time of great need. During the first wave of PPP loan applications, when the solution was not yet in place, the bank's lenders were working 19-hour days on average, with each application taking about 20 minutes. During the second wave, the bank was able to process more than double the amount of PPP loans in less time with Jack Henry's solution, according to the official press release.

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Keywords: Guilford Savings Bank, Jack Henry, banking, commercial lending, Paycheck Protection Program, SMEs, loans, data, US
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech