Jack Henry introduces "MyFinancialHealth" on their digital banking platform, operating under Array's technology.
Jack Henry™ Launches MyFinancialHealth: A Comprehensive Suite of Financial Wellness Tools
Jack Henry™, a leading provider of technology solutions for financial institutions, has launched MyFinancialHealth, a suite of financial health tools available to more than 1,000 banks and credit unions on the Banno Digital Platform™. This innovative platform offers a range of services, including credit monitoring, identity and privacy protection, subscription management, and federal student loan management, all provided through a free-to-premium model.
MyFinancialHealth aims to reduce financial fragmentation, improve digital engagement, and position financial institutions as the central hub of their accountholders' financial lives. The platform can be easily activated through a single configuration, with no APIs, no onboarding burden, and no custom development required.
First Fidelity Bank, an Oklahoma-based institution with $2.7 billion in assets, is an early adopter of the embedded free-to-premium suite. Symcox, senior vice president and chief innovation officer at First Fidelity Bank, sees value in providing better financial health tools to customers. He emphasises that the platform helps maintain their role as a "one-stop" destination for financial services while creating new revenue opportunities.
The suite also includes identity protection, privacy tools, and subscription management. Many users opt into premium services offered by Array, the company behind MyFinancialHealth, for additional protection and convenience. These optional upgrades include subscription cancellation and data broker removal services.
Erica Pilon, head of corporate strategy at Jack Henry, views the latest expansion of MyFinancialHealth as a win for both accountholders and financial institutions. She explains that the platform offers financial tools on demand, similar to a Netflix model, allowing customers to opt in and out when needed. This "Netflix-style" flexible subscription model enables users to engage frequently and upgrade to premium services.
MyFinancialHealth builds on Jack Henry's previous embedded offerings, including credit monitoring and Array's Offers Engine. The launch of MyFinancialHealth is part of Array's broader strategy to help financial institutions offer best-in-class capabilities with less effort. Array's components are visited an average of 2.2 times a month by users, indicating a high level of engagement.
The launch of MyFinancialHealth aims to deepen the connection between accountholders and their primary financial institutions. By offering core tools at no cost and unlocking new fee-based revenue opportunities through optional upgrades, banks and credit unions can enhance their value proposition and strengthen their digital offerings with tools that are both protective and strategically impactful.
In conclusion, MyFinancialHealth is a significant step forward in the digital transformation of the financial services industry. By providing a comprehensive suite of financial wellness tools, Jack Henry™ is helping financial institutions to position themselves as central hubs for their customers' financial lives, while also creating new revenue opportunities.
[1] First Fidelity Bank Adopts Jack Henry's MyFinancialHealth Platform [2] MyFinancialHealth: A Revolutionary Approach to Financial Wellness [3] Jack Henry™ Unveils MyFinancialHealth: A Suite of Financial Health Tools [4] MyFinancialHealth: A New Era of Financial Services for Banks and Credit Unions
Read also:
- MRI Scans in Epilepsy Diagnosis: Function and Revealed Findings
- Hematology specialist and anemia treatment: The role of a hematologist in managing anemia conditions
- Enhancing the framework or setup for efficient operation and growth
- Hydroelectric Power Generation Industry Forecasted to Expand to USD 413.3 Billion by 2034, Projected Growth Rate of 5.8% Compound Annual Growth Rate (CAGR)
