200 Financial Institutions Automate Financial Forecasting and Budgeting with Jack Henry
Jack Henry & Associates, Inc.® (NASDAQ: JKHY) announced today that more than 200 banks and credit unions are leveraging the company’s financial performance capability to automate forecasting and financial reporting.
These institutions are benefitting from a flexible solution that allows them to create efficient and accurate forecasting models in a changing economic environment. The ability to analyze data that is standardized, automatically updated, and built for each institution’s unique business model is critical to their financial health. With the Forecasting and Financial Reporting tool, bankers can apply files from any core system, create a budget, build what-if models, view budget versus actual variances, and compare test cases.
Kristopher Cricchi, VP and finance manager at $1-billion-asset GSB, said, “Accurately understanding financial performance and forecasting is integral to any institution’s success. It’s on our minds daily, yet the process to generate interest rate reports, adjust budgets and model test cases can take weeks if done manually – not to mention the delays. Jack Henry provides the flexibility and scope we need to plan our budget efficiently, while accurately predicting for changing future scenarios. It is a powerful aid in GSB’s plan to prioritize customer needs and help them navigate any economic environment.”
Matt Riley, President of ProfitStars, commented, “Forecasts and projections can seem to change as fast as the news cycles. This makes it critical to have dynamic, comprehensive reporting that is standardized, easy to digest, and available promptly. In a world where change is constant, preparation is a key to strengthening risk management. Forecasting and Financial Reporting helps community and regional financial institutions achieve both short and long-term strategic goals for strengthening their organizations and the solutions that they offer end-users. It helps them adapt deftly to changing scenarios and provide the financial support that businesses and consumers need.”