Jack Henry™ Introduces Cobalt Awards for Exceptional Institutions
In a dynamic move that showcases creativity and community commitment, Jack Henry™ (Nasdaq: JKHY) has unveiled the winners of its inaugural Cobalt Awards. This new initiative highlights financial institutions and fintech companies that exhibit an unwavering dedication to improving financial health for their clients.
Recognizing Outstanding Achievements in the Financial Sector
The Cobalt Awards were established to celebrate organizations that have gone above and beyond in fostering innovation and a strong sense of community. Earlier this year, the announcement was made during Jack Henry Connect, where recipients were honored for their transformative contributions in enhancing financial services.
Cobalt Award Categories and Goals
The awards are categorized into several key areas, recognizing achievements that significantly improve access to financial resources and innovative services. Each recipient was recognized for its unique approach to tackling financial obstacles and enhancing user experiences.
The Barrier Breaker Award
This prestigious award is given to one bank and one credit union for their notable efforts in eliminating financial barriers. Among the winners, BankPlus and Fibre Federal Credit Union stood out for their innovative initiatives:
- BankPlus utilized advanced technology to bolster its CreditPlus program, generating an impressive $6.29 million in deposits.
- Fibre Federal Credit Union optimized its share certificate program, leading to a remarkable 3,451% increase in balances within just one quarter.
The Changemaker Award
Recognizing effective use of technology, the Changemaker Award was presented to organizations that optimized their operational efficiency. Noteworthy mentions include:
- Georgia United Credit Union improved processes using tools like SymXchange™ and PowerOn®, saving approximately 3.75 hours daily in card orders, enhancing the overall member experience.
- IncredibleBank leveraged AI and Banno technology to enhance response times for Spanish-speaking customers, cutting their inquiry resolution time by about 30%.
The Integrator Award
This award celebrated fintechs that enhanced user experience and financial well-being for businesses and individuals. The recipients included:
- DoubleCheck Solutions - Pioneered methods for modernizing how financial institutions manage NSF and overdraft practices, emphasizing consumer control.
- FINBOA - Developed a Payment Disputes solution, achieving a notable 90% reduction in processing efforts.
Impact of the Cobalt Awards on Community Engagement
Each organization awarded in this event also received a $10,000 donation directed towards a charity of their choice. This initiative underlines Jack Henry's commitment to empowering financial institutions to broaden their positive impact in the communities they serve.
Jack Henry's Vision for Financial Health
Greg Adelson, President and CEO of Jack Henry, expressed a heartfelt commitment to reducing barriers within financial services. He stated, “These organizations have gone above and beyond in advancing our mission, and we are honored to recognize and celebrate their outstanding work.”
Looking Ahead: 2025 Cobalt Awards Nominations
Nominations for the next Cobalt Awards cycle will commence in the spring. Interested parties are encouraged to check back soon to get updates and participate in this celebration of innovation.
About Jack Henry & Associates, Inc.
Jack Henry™ (Nasdaq: JKHY) is a pioneering financial technology company that plays a critical role in strengthening the relationship between financial institutions and their clients. With over 48 years of experience, Jack Henry has cultivated a robust ecosystem that empowers approximately 7,500 clients with innovative solutions and personal service, focusing on creating pathways to improved financial health.
Frequently Asked Questions
What are the Cobalt Awards?
The Cobalt Awards are an initiative by Jack Henry to recognize financial institutions and fintechs for their innovation and community dedication.
Who were the first winners of the Cobalt Awards?
The first winners included BankPlus, Fibre Federal Credit Union, Georgia United Credit Union, IncredibleBank, DoubleCheck Solutions, and FINBOA.
What do winners of the Cobalt Awards receive?
Winners receive a $10,000 donation to a charity of their choice and recognition at the Jack Henry Connect event.
How can one participate in the Cobalt Awards?
Nominations for future awards will open in the spring. Interested organizations can sign up for notifications on the Jack Henry website.
What is Jack Henry's mission?
Jack Henry aims to strengthen the connections between people and financial institutions by leveraging technology and reducing barriers to financial health.
