The banking industry is constantly evolving. Today’s customers aren’t tied to a local branch. Instead, they expect to be able to access their bank accounts 24/7—and not just online, but on all of their mobile devices as well. They want direct deposit, automatic bill pay and the ability to deposit checks simply by snapping a photo on their smart phone.
That’s where Jack Henry & Associates comes in—providing the technology that allows financial institutions of all sizes to offer these types of services.
Serving more than 10,000 customers
Jack Henry & Associates (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services, primarily for the financial services industry and serves almost 10,800 customers. They have about 50 offices nationwide, including a large two-building office center in Allen that employs approximately 10 percent of the company’s total associates.
“If you walk into almost any bank or credit union that’s not a large, tier-one bank, they’re going to be running something—if not everything— from Jack Henry & Associates,” explains the company’s president David Foss. “We’re well-known in this industry for our customer service and for providing great technology.”
Jack Henry and Jerry Hall founded the business in 1976 in Monett, Missouri and 10 years later, it became a publicly traded company.
Foss becomes President & CEO
Foss says he has enjoyed watching the industry evolve over the years. He started his career as a computer programmer writing software for banks, before transitioning into sales. He joined Jack Henry & Associates in 1999 when he moved to the Allen office, and was named president in 2014.
“When I first started in this business, we focused everything on the employees in the bank,” Foss recalls. “We didn’t really serve their customers. Today, we still care about those employees, but a lot more of it is about serving the bank’s customers through bill pay, mobile banking, and all those things that they want to do on mobile devices. We have to be much more sensitive as to what the impact is to the banks’ customers. That’s been a dramatic change over time.”
Jack Henry & Associates solutions are marketed and supported through three primary brands: Jack Henry Banking, Symitar and ProfitStars. The first supports banks, Symitar serves credit unions, and ProfitStars offers more specialized products for banks and credit unions, as well as commercial accounts such as property management.
The Allen office is unique in that it houses employees from all three Jack Henry brands, as well as corporate executives such as Foss, and the company’s human resources department for a total of about 600 employees.
In July, Foss will take the reins as President and CEO, marking the first time the positions have been combined, and the first time the company’s CEO has worked outside of their home office in Missouri. This was a decision made by the board, Foss says, and he is excited about leading the company into the future and carrying on the family values that have made it a successful, billion dollar business.
Do the right thing
On the back of every associate’s business card is the company’s philosophy: “Do the right thing…do whatever it takes…have fun.”
“As simple or as trite as that sounds, it’s true,” Foss says of the motto. “That’s been our philosophy from day one. It’s your basic Midwestern family values and it’s a very unique culture.”