One of New Hampshire’s largest home-grown financial institutions is switching up its cloud provider.
The $2.37 billion-asset New Hampshire Mutual Bancorp – composed of the $985 million-asset Meredith Village Savings Bank, the $938 million-asset Merrimack County Savings Bank and the $445 million-asset Savings Bank of Walpole – announced March 3 it is in the process of migrating its services to Jack Henry & Assoc.’s SilverLake System cloud-based banking core platform.
Meredith Village Savings Bank and Merrimack Savings Bank have used Jack Henry’s core platform for years and recently migrated to the company’s private cloud environment. In a statement, Jack Henry and NHMB said the move has resulted in “significant efficiency gains, strengthened disaster recovery capabilities, and improved employee productivity.”
Because of this, bank officials decided to move Savings Bank of Walpole over to the Jack Henry product, too.
“Our longstanding partnership with Jack Henry made us confident that they were the right choice to support our shift to a cloud environment. Since two of our banks have gone live, they’ve been able to eliminate clunky hardware and redirect resources once focused on nightly processing and other manual tasks to more customer-facing initiatives instead,” NHMB President and CEO of NHMB Gregg Tewksbury said in a statement. “Our shared services model is one that might attract more interest in the future, and this platform’s scalability will make it easier to expand should the right opportunity come along.”
Jack Henry provides services for many of NHMB’s technology needs. Functions such as remote deposit capture, risk management, reporting, card processing, electronic signature capture and document management are all provided by the company through the partnership. The SilverLake core platform’s open infrastructure allows the banks to seamlessly integrate products from third-party fintechs that can offer a range of solutions out of reach for many community banks.
“Leading banks like NHMB’s three institutions are making technology plans and decisions now that will help them become more future ready,” Stacey Zengel, vice president of Jack Henry & Associates and president of Jack Henry Banking, said in a statement. “By partnering with us in a private cloud environment, the banks are reducing time spent on cumbersome hardware and IT maintenance and upkeep and allowing employees to focus on more strategic and rewarding work, like serving customers and their communities. They are also insulating themselves from the mounting concerns around talent acquisition and retention, an especially prevalent problem for community institutions and those in rural areas. We look forward to strengthening our partnership with these three banks and helping to position them for further growth and success down the line.”
Jack Henry Banking currently serves more than 1,000 banks across its range of products, the company said.
