Centric Bank embarks on core banking tech project with Jack Henry
Progressive in Pennsylvania
Centric Bank, an SME-focused bank in the US state of Pennsylvania with $611 million in assets, has chosen Jack Henry & Associates’ Silverlake core banking system.
Jack Henry says the bank “is committed to helping entrepreneurs realise their dreams by funding small- and medium-sized businesses; it has supported more than 1,600 local businesses in the last ten years”.
Centric Bank is already a long-standing customer of Jack Henry – it has been using its CIF 20/20 core banking platform for over a decade. However, the bank felt that to provide more services and functionality to its commercial clients, it needed a different system.
Jack Henry emphasises that it continues to develop and support CIF 20/20 (around 470 US banks are using it today). Silverlake, it explains, “offered Centric Bank a more robust system to take the institution’s service to the next level”.
Patricia Husic, president and CEO of Centric Bank, hopes the new system’s “power and automation will allow our employees to offer more personal customer attention and focus on strategic initiatives”.
“Our goal is to be the community bank of choice for small and medium-sized businesses, professionals, and individuals in Pennsylvania,” she states.
Centric Bank also relies on the input of millennials to help guide their strategic and digital direction. In 2016, the bank partnered with a local young professional group to form a millennial advisory board that helps them determine what younger generations are looking for in banking relationships and potential workplaces. The group weighs in on everything from the products and services to marketing.
“Our advisory board’s guidance contributes to our decision to invest in technology like Silverlake that will help us maintain a high level of service and success while meeting digitally-savvy customers’ expectations,” Husic adds.
Stacey Zengel, president of Jack Henry Banking, comments that the company “rarely brings attention to its core migrations as it tends to only announce new core customer additions”, but in this case it has made an exception.
“Progressive institutions like Centric Bank are the backbone of our economy,” Zengel states.
