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Jack Henry & Associates, Inc. JKHY is making significant efforts to support businesses affected by the ongoing pandemic through its advanced technological solutions for financial institutions.
This is clear from the company’s latest move to add a digital interface for borrowers to its Paycheck Protection Program (PPP) loan solution. Along with that, he added a broker option to the solution.
With the new interface, Jack Henry strives to help small businesses looking for loans to upload their information seamlessly online.
In addition, the broker option aims to help institutions make decisions in a transparent way by allowing them to accept loan applications online.
Once the institutions have decided who to refer PPP to, the loan will be financed without trade or fees through lender Jack Henry.
In addition to the digital interface and broker option, the company’s PPP solution includes built-in fraud and risk controls.
Jack Henry takes advantage
Following the latest move, the company is expected to see strong uptake of its PPP lending solution and strong momentum among financial institutions in the second round of stimulus payments in this coronavirus pandemic, which has caused major problems. disruptions to several small businesses around the world.
These disruptions, in turn, lead to an increase in loan requests generated by the CARES Act.
In addition, the ongoing pandemic has resulted in increased penetration of users of digital and online services.
Jack Henry & Associates, Inc. Price and consensus
Jack Henry & Associates, Inc. price-consensus-chart | Quote from Jack Henry & Associates, Inc.
Wrap
The latest move bodes well for the company’s considerable efforts to strengthen the solutions portfolio through organic initiatives.
Additionally, it portrays Jack Henry’s strong commitment to financial institutions. The PPP lending solution helps the business to respond well to the dynamic demands of banks during the pandemic.
Additionally, recent advancements are expected to boost Jack Henry’s bank and credit union customer base, which in turn will drive near-term revenue growth.
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Notably, the company helped around 400 banks and credit unions last year to facilitate more than 70,000 small business PPP loan applications.
Zacks ranking and actions to take into account
Jack Henry currently wears a Zacks Rank # 2 (Buy).
Some other prominent actions in the broader IT and technology sector are KLA Corporation KLAC, TE Connectivity Ltd. TEL and Vishay Intertechnologie, Inc. VSH. All three companies currently carry a Zacks Rank # 2. You can see The full list of today’s Zacks # 1 Rank (Strong Buy) stocks here.
Long-term earnings growth rates for KLA, TE Connectivity and Vishay are set at 11.56%, 10.41% and 2.58%, respectively.
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KLA Corporation (KLAC): Free Stock Analysis Report
TE Connectivity Ltd. (TEL): Free Stock Analysis Report
Jack Henry & Associates, Inc. (JKHY): Free Stock Analysis Report
Vishay Intertechnology, Inc. (VSH): Free Stock Analysis Report
