News & Events
Quorum Federal Credit Union Reduces Operational Redundancies with Jack Henry & Associates’ jhaEnterprise Workflow
Monett, Mo., Jan. 29, 2016 – Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar® division announced today that Quorum Federal Credit Union (Quorum) has seen significant time savings and operational improvements since implementing jhaEnterprise WorkflowTM, a fully automated workflow solution that streamlines and standardizes business processes for financial institutions.
Quorum, a full-service financial institution serving over 75,000 members across all 50 states, has updated nearly 30 business processes to become more efficient and succinct. Kevin Dono, senior director of business services for Quorum, recently stated, “The application of jhaEnterprise Workflow throughout our organization has grown organically. We chose to start with non-business critical processes and have expanded into more dynamic ways to use the technology. For example, we have the solution set up to automatically activate a workflow when a member requests a wire online; this handles all validations, red flag checks, and amount approvals, eventually triggering the wire to take place. Consolidating these business processes is rather simple with jhaEnterprise Workflow. As a result, we have been able to implement many new workflows that significantly streamline what were once manual, data-redundant tasks.”
jhaEnterprise Workflow can simplify most business processes, from generic internal workflows that only involve passing information between relevant individuals, to more complex processes that require connections with other systems. It automatically routes assignments based on established credentials, permission levels, and staff availability while enforcing established approval processes. With regulatory requirements constantly changing, having an automated workflow can increase response time and support immediate updates to impacted business processes. All documents and forms are centralized and time stamped with an automatic record that includes who in the Credit Union accessed a particular document and when.
Dono continued, “Our member services team can now focus on a single task queue rather than visiting three different systems to execute their work. jhaEnterprise Workflow has proven its relevancy across our enterprise to refine established processes, better transfer vital information, and unite disparate systems.”
According to Ted Bilke, president of Symitar, "Quorum has been able to unite its front and back office, enhance communications, expedite approvals, and increase awareness of high-relevance items. The Credit Union is leveraging jhaEnterprise Workflow to make business decisions faster and with greater ease. With nearly 30 improved processes complete to date, Quorum continues to find ways to further improve service and efficiency while minimizing operational risk and expense.”
Jack Henry & Associates provides implementation and best practices consulting services to help financial institutions optimally build out and formalize business processes within jhaEnterprise Workflow for each organization’s specific needs.
Quorum Federal Credit Union
Quorum Federal Credit Union (www.quorumfcu.org) is headquartered at 2500 Westchester Avenue, Suite 411, Purchase, NY 10577. Founded in 1934 as the exclusive credit union for Kraft Foods employees, today the Credit Union serves over 50 companies nationwide (Ogilvy, Avon, Mondelēz International, Philip Morris, etc.) and has over 75,000 members living in all 50 states. Quorum serves its members with both in-person and remote banking channels—including branches, a call center, and online and mobile banking—so banking is possible anywhere, any time.
Symitar, a division of Jack Henry & Associates, Inc. (NASDAQ:JKHY), is a leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 850 credit unions, serving as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its solutions serve almost 10,900 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company’s financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company’s SEC filings that may cause actual results to differ materially from any forward-looking information.