Abound Credit Union Modernizes with Jack Henry's Symitar Platform

Abound Credit Union has partnered with Jack Henry to modernize its technology infrastructure using the Symitar core platform and cloud-based solutions. The aim is to enhance member services and attract younger generations with personalized and seamless third-party integrations. With $2.4 billion in assets and over 130,000 members across Kentucky, Abound is positioned to better serve its members and plan for future growth.

Abound Credit Union, a prominent financial institution in Kentucky with $2.4 billion in assets and over 130,000 members, has announced a partnership with Jack Henry to modernize its technology infrastructure. The collaboration involves the adoption of the Symitar core platform and cloud-based solutions, aiming to enhance member services and attract younger generations [1].

Founded 75 years ago, Abound has grown significantly and now serves a diverse membership base. However, the credit union faced challenges in keeping up with the evolving needs of its members and attracting younger generations due to its legacy technology and workarounds [2]. The partnership with Jack Henry provides a future-ready, flexible technology platform that supports growth without sacrificing the credit union's personal connections [3].

Abound will leverage several integrated solutions from Jack Henry, including the Jack Henry Data Hub™ for real-time member insights, the Banno Digital Platform™ for an intuitive digital experience, and the Banno Digital Toolkit™ for easy customization and third-party integration [4]. Additionally, Jack Henry's business banking, payments, lending, and financial crimes solutions will enhance the credit union's offerings, providing a more personalized, secure, and convenient experience for its members [1].

Ray Springsteen, CEO at Abound Credit Union, stated, "Jack Henry understands our vision and what it takes to cater to our members' diverse financial situations. Its open platform seamlessly integrates third-party solutions, enabling members to have the financial services they rely on, while easily adding new capabilities as needs change. This empowers us to focus our resources on serving Kentuckians for the next 75 years and beyond" [1].

Brynn Ammon, President of Credit Union Solutions at Jack Henry, added, "Our technology modernization strategy is designed to empower institutions like Abound to embrace change, drive their own innovation, and deliver value to every member. The credit union is leveraging our foundation to create its own banking experience, one that rewards and brings value to a diverse member base. We're honored to help them build a resilient technology plan that will support their growth and further deepen their impact in Kentucky" [1].

This partnership is significant for Jack Henry as well, representing a multi-faceted technology win and securing Abound's core banking business along with numerous complementary solutions [3]. The implementation of the Symitar platform at a $2.4 billion asset institution with 130,000 members demonstrates Jack Henry's continued competitiveness in the credit union technology market [3].

References:
[1] https://www.finextra.com/pressarticle/106327/abound-credit-union-picks-jack-henry-symitar-core-platform
[2] https://www.marketscreener.com/quote/stock/JACK-HENRY-ASSOCIATES-INC-9781/news/Abound-Credit-Union-Invests-in-Technology-Modernization-with-Jack-Henry-50502840/
[3] https://www.stocktitan.net/news/JKHY/abound-credit-union-invests-in-technology-modernization-with-jack-w1t2f8mj7ye5.html
[4] https://www.prnewswire.com/news-releases/abound-credit-union-invests-in-technology-modernization-with-jack-henry-302503711.html