Fintech company Jack Henry & Associates on Tuesday, February 4, reported a 6.4% increase in its profit for the second fiscal quarter, as consumer demand for this firm’s services in the financial technology area remained robust.
The mentioned brand offers technology and payment processing solutions mainly to small and medium-sized financial institutions. The company helps its clients accelerate the implementation of the digital modernization process. It is worth noting separately that technology is crucial in meeting the needs of customers for a seamless virtual banking experience and effective competition with fintech firms.
Jack Henry’s services and support revenue was recorded at the $323 million mark for the fiscal quarter ended December 31. This indicator showed an increase of 3.5%.
The company’s processing revenue for the mentioned period was recorded at the $250.8 million mark. This indicator increased by 7.3%.
Jack Henry’s profit for the fiscal quarter ended December 31 was $97.8 million. A year earlier, this figure was recorded at the $91.9 million mark.
Jack Henry’s prospects are positive. The fintech industry continues to move along the trajectory of intensive scaling. This industry has already significantly transformed the financial sector and continues to act accordingly, thereby impacting a kind of technological content of the economy as a functional space. Moreover, the scale of digitalization of the financial environment expands. This process is natural from the point of view of the logic of technological progress.
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