First Commonwealth Bank to deploy Jack Henrys SilverLake System

Verdict Staff

Pennsylvania-based First Commonwealth Bank (FCB) is set to deploy a new core processing platform, SilverLake System, developed by Jack Henry Banking division.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.

The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.

The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.

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The platform will allow the lender to automate all its banking offerings. The bank will also outsource some of the data processing functions from Jack Henry.

FCB EVP/Business Integration Norm Montgomery said that they identified SilverLake as the most functionally compatible system for their near- and long-term requirements.

"SilverLake’s IBM® Power System® hardware platform will be a significantly more cost-effective environment than our mainframe-based system.

"Its deep integration with the complementary solutions Jack Henry Banking provides, as well as its ability to easily integrate third-party solutions, will generate material operating efficiencies and enterprise-wide process improvements," Montgomery added.

The bank will also implement Jack Henry Banking’s complementary solutions such as Vertex Teller Automation System, ArgoKeys DepositKeys account opening and administration, NetTeller Online Banking, and NetTeller Cash Management.

Additional solutions selected for implementation include the iPay OneClick retail online bill payments solution, OurCashFlow online financial management, the Opening Act online deposit and loan account opening solution, goDough mobile banking and other solutions.

Free Report

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.

The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.

The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.

By GlobalData