Greenpenny, Financing a Sustainable Tomorrow with Jack Henry
Greenpenny, a digital community bank that focuses on sustainability and environmental responsibility, recently chose Jack Henry as its technology provider. Greenpenny's collaboration with Jack Henry helps the bank optimize its operations for increased efficiency, continuing to fund green energy projects in the Midwest and beyond.
Greenpenny, a family and employee-owned bank parented by Decorah Bank & Trust, was launched in 2021 with a mission to create a banking experience that aligns with the values of environmentally conscious consumers. The bank offers various personal and business products and services, such as checking and savings accounts, while pledging deposits will only be used to finance renewable energy or carbon-reducing projects. Most of the lending activity is focused on solar. In only two years, the bank financed approximately 1,300 solar projects, offsetting just over 35,000 tons of CO2 annually. Greenpenny funds green energy projects in Iowa, Illinois, Minnesota, Missouri, and Wisconsin, while also participating with other banks on residential and commercial solar loan projects. In addition, greenpenny operates carbon neutrally, demonstrating that its commitment to sustainability extends beyond its offering.
To support its growth, greenpenny and parent company Decorah Bank & Trust sought a technology provider that offers open, modern, and flexible solutions, helping the banks efficiently execute a multi-branding strategy, both in-branch and online, and optimize the customer and employee experience. With Jack Henry, the banks benefit from a significant amount of behind-the-scenes automation, allowing bankers to dedicate more time to their customers and continue to deliver a high-touch, community banking approach.
“Our community banking approach, coupled with our emphasis on renewable energy, has fueled our rapid growth,” said Jason MacDuff, president at greenpenny. “To sustain this momentum, it is critical that we offer our customers a modern and seamless technology suite, meeting them where they are and efficiently helping them build a sustainable tomorrow. By leveraging Jack Henry's open and flexible technology, we can continue to scale, while still providing personalized, community banking services.”
In addition to Jack Henry’s core processing solution, greenpenny has also selected real-time payments, Enterprise Workflow and Customer Relationship Management (CRM) capabilities, as well as enhanced data analytics and real-time fraud detection capabilities, launching in the summer of 2023. Of note:
• Jack Henry’s payments hub provides seamless connections to the Zelle Network®, enabling greenpenny’s customers to send person-to-person payments instantly.
• Jack Henry’s Enterprise Workflow solution enables the bank to electronically manage its operations, automatically routing work to decision makers, tracking the completion of each task, and enhancing internal communication.
• Jack Henry’s CRM solution provides greenpenny the information needed to assess customer relationships and accurately work with individual customers to expand existing relationships and increase profitability.
• Jack Henry’s data analytics and reporting capabilities ensure greenpenny’s back office is operating at maximum efficiency and promoting data-driven decisions, eliminating manual tasks, improving employee satisfaction, and driving revenue.
Jack Henry's open integration and access to more than 900 third-party fintechs also allows greenpenny to pick their vendors of choice, and integrate them seamlessly into their system, making sure they always offer the most suitable solutions to improve their customers’ financial lives and advance clean and renewable energy.
Greenpenny’s relationship with Jack Henry highlights the importance of innovation and collaboration in driving positive change in the banking industry, and indeed, the world. Since its creation, the bank has proven an ability to partner with organizations and invest in or develop real financial solutions that make economic sense and protect the planet. The collaboration with Jack Henry will follow this path, powering greenpenny to be a catalyst for change in the industry.