CFG Bank has entered into a comprehensive technology partnership with Jack Henry to replace its aging core banking system and expand its digital capabilities. The deal will replace the bank’s 1990s‑era mainframe core and proprietary branch management system with Jack Henry’s cloud‑based core processing platform, a move designed to eliminate manual processes, reduce data silos, and provide a scalable foundation for future growth.
The partnership includes the deployment of Jack Henry’s Banno Digital Platform, which will overhaul the bank’s retail experience across both branch and digital channels. In addition, CFG will implement Jack Henry’s Enterprise Workflow solution to automate routine back‑office tasks, freeing staff to focus on higher‑value customer interactions. The modernization effort is expected to improve operational efficiency by streamlining transaction processing and reducing the time required to launch new products.
Financially, the agreement involves a multi‑year investment that is projected to deliver a return on investment within three to five years. While the exact dollar amount has not been disclosed, the bank has indicated that the cost will be offset by savings from reduced legacy maintenance and increased productivity from automated workflows. The rollout will also require retraining of core banking staff and a reallocation of some positions, with the bank committing to upskilling employees to manage the new platform.
From a strategic perspective, the partnership positions CFG to better serve its niche markets—particularly healthcare lending—by providing a flexible, data‑driven platform that can quickly adapt to regulatory changes and customer demands. CEO and Chief Risk & Information Officer Deborah Kakaris noted that “our business has grown quickly, and we needed a modern technology foundation that would give us greater efficiency and better control over our data.” The move is intended to support the bank’s relationship‑banking focus while scaling its technology infrastructure for continued expansion.
The announcement follows a strong Q3 2025 earnings beat, with earnings per share of $1.05 versus an estimate of $1.03 and revenue of $2.12 billion versus $2.10 billion. The partnership is seen as a continuation of the bank’s momentum, reinforcing confidence in its growth strategy and operational execution.
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