Guilford Savings Bank, a Connecticut-based bank with $742m in assets, has opted for Jack Henry & Associates’ SilverLake core platform to drive growth.

The bank aims to double or triple in size over the next decade.

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Therefore, it was seeking a partner that could provide more features and insights into modern community banking.

The vendor claims that its solution, which will be used in an outsourced environment, will enable the bank to achieve its strategy.

The bank will also utilise Jack Henry’s Banno digital banking tools to expand its presence in Connecticut without adding physical branches.

Jack Henry & Associates vice president Stacey Zengel said: “The bank has been a resource for its community for almost 150 years, a cornerstone for consumers and businesses alike.

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“Our partnership with Guilford Savings Bank equips them to provide modern services while expanding the regions that they serve across Connecticut.”

Besides, the bank will leverage the vendor’s workflow solutions, which are designed to automate complex business processes.

Guilford Savings Bank SVP and senior operations officer David Finnerty said: “Jack Henry is both a cultural and a technological fit for Guilford Savings Bank. The company has an open infrastructure that our previous provider wasn’t able to deliver, allowing us to integrate with the best solutions available.

“What’s more, they are providing us a package of competitive services that would have been too onerous or costly to select individually, including a feature-rich digital experience, a sophisticated commercial cash management platform, and predictive analytics for risk mitigation.”