Prevail Bank Selects Jack Henry to Differentiate Through Open Ecosystem and AI Innovation
Jack Henry has announced that Prevail Bank has selected its services to enhance employee and customer experiences through modern technology, an open ecosystem, and continuous AI innovation.
Prevail Bank, located in Medford, Wisconsin, serves communities throughout central and northern Wisconsin. As a mutual bank, it focuses on reinvesting in its employees, customers, and communities while pursuing growth in its commercial and small business banking sectors. The bank aims to improve efficiency and enhance its competitiveness against larger banks and fintechs.
To achieve these objectives, Prevail Bank has chosen Jack Henry's core processing platform and a suite of integrated solutions. Among these is the Banno Digital Platform™, which will deliver a modern digital banking experience, including secure customer communications through Banno Conversations™. Additionally, Tap2Local™ will enable small business clients to accept digital payments, supporting the bank's strategy for deposit growth. Other solutions include Enterprise Workflow, which automates manual processes, and Jack Henry Financial Crimes Defender™, which enhances fraud detection and compliance with the Bank Secrecy Act.
Jack Henry's open ecosystem allows for integration with over 1,000 third-party fintechs. Nathan Quinnell, President of Prevail Bank, emphasized the importance of partnering with a technology provider that has a proven track record. He noted, "Jack Henry's open ecosystem gives us the flexibility to build third-party partnerships and deliver capabilities we simply didn't have before."
Prevail Bank's decision was also influenced by Jack Henry's advancements in artificial intelligence. The recent introduction of AI-assisted drafting for Suspicious Activity Reports (SARs) has streamlined the fraud investigation process, allowing investigators to devote more time to preventing fraud. As Quinnell stated, "Jack Henry's pace of AI innovation gives us confidence it will improve productivity and our efficiency ratio today while creating opportunities for the future." Jonathan Baltzell, President of Bank Solutions at Jack Henry, expressed enthusiasm for supporting Prevail Bank's vision for innovation and operational excellence.