Old Missouri Bank (OMB) has selected US banking tech heavyweight Jack Henry & Associates to provide banking software for its new digital bank, to be launched in early 2023.
OMB hopes to reach customers nationwide with its new venture, offering retail, SME and corporate banking services.
Stephen Bishop, chief operating officer at OMB, says the bank has “very ambitious growth plans”.
“This new business plan will position our community bank to double or even triple our assets in the next three years,” he says.
According to Jack Henry, “adding new features and functionality to the bank’s previous banking platform proved too expensive and time-consuming”. Meanwhile, the vendor’s solutions offer “open and flexible” infrastructure, “allowing the bank to access a variety of fintechs, building a unique and competitive ecosystem”.
In addition to the Jack Henry banking system and Banno Digital Platform, OMB will leverage Jack Henry’s digital lending, deposit, payment, and treasury management solutions.
“We never question the dedication and hard work that is needed to get the job done, and we see that in Jack Henry as well,” comments Bishop. “The company is aligned with our vision for growth and modern banking and truly understands our commitment to community.”