Live with new core banking tech

Live with new core banking tech

Bar Harbor Bank & Trust has implemented new core banking software, Jack Henry & Associates’ Silverlake, provided on an outsourced basis.

Bar Harbor has $3.4 billion in assets and 14 branches in the US state of Maine. Earlier this year, it completed the acquisition of Lake Sunapee Bank, which has already been using the Silverlake system in a hosted environment provided by JHA Outlink Processing Services.

Meanwhile, Bar Harbor had a system from a different provider, installed in-house. At the time of the acquisition, the bank was “facing an imminent investment to its IT infrastructure”, according to Jack Henry.

“Silverlake is clearly a superior platform, and moving to an outsourced model has also presented its own immediate value,” comments Rick Maltz, COO and EVP of Bar Harbor Bank & Trust.

“Outsourcing provides us a simplified model without sacrificing the quality and the support of our core, helping us efficiently drive business forward in a modern, integrated environment,” he explains.

In addition to the Silverlake core banking system, the bank has also deployed Branch Anywhere (enterprise mobility solution), jhaEnterprise Workflow (business processes automation), iTalk (interactive voice response solution) and Banno Mobile (mobile banking services). Maltz describes the latter as “the best mobile product available”.

The vendor says Bar Harbor is also implementing its solutions across bill pay, online banking and remote deposit services.

Comments
  • Art Gillis 6 November, 2017 at 1332

    Never before have I heard of an acquiring bank changing its core to that of the acquiree.
    But in this case who would argue against it. In Maine, they do things right.

    • Tanya Andreasyan 6 November, 2017 at 1812

      If Bar Harbor Bank was looking to change its legacy tech anyways, and the provider to Lake Sunapee could give them a good deal – then it makes good sense and good timing!

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