Jack Henry and Array Collaborate to Improve Consumers’ Financial Health
Companies to provide community and regional financial institutions’ accountholders with better access to their credit data, improved credit monitoring and personalized offers
MONETT, Mo., May 19, 2022 -- Jack Henry & Associates, Inc.® (NASDAQ: JKHY) announced today that Array’s credit management services, identity protection tools, and offers engine will be integrated into the Banno Digital PlatformTM, offering consumers personalized credit and financial insights through their trusted financial institutions.
Array has leveraged the Banno Digital ToolkitSM, the same set of APIs the Banno Digital Platform is built on, to offer consumer credit and identity protection tools. Now, consumers can securely access and monitor their credit directly through their bank or credit union. Embedding this service protects consumers’ data and reduces the risk of competitive products being sold. Banks and credit unions will also gain a better understanding of their consumers’ complete financial lives, while boosting digital engagement, driving revenue, and maximizing lending and credit opportunities.
Wash.-based Timberland Bank was an early adopter of Array’s products. Jonathan Fischer, EVP and COO of the bank, said, “We aim to be at the center of our consumers’ financial health and enablement; finance and credit tools are an integral part of this mission. The openness of Jack Henry’s digital platform makes it easy for us to offer strategic products like Array. Through this collaboration, our staff has the tools necessary to engage and educate customers on their credit health, which strengthens relationships and ultimately improves our community’s well-being.”
Financial institutions can customize their consumer’s experience, easily managing everything from the credit bureau data used to the tools featured. Examples of what can be customized include score simulators*, score factors, debt analysis, alerts, and more. By increasing awareness of consumers’ credit information and history, banks and credit unions can provide education, and identify areas to improve and support healthier financial decisions. With this information, financial institutions can offer consumers relevant products at their moment of need.
Jacob Bouer, director of strategic partnerships at Array, added, “The financial services ecosystem exists to enable consumers to improve their financial health. This movement is both necessary and urgent. If financial institutions do not offer credit monitoring and identity protection products, consumers will find them elsewhere. Jack Henry understands that consumers expect embedded, personalized credit products in their digital experience. Our relationship enables financial institutions like Timberland Bank to empower its customers while lowering customer acquisition rates.”
Julie Morlan, senior managing director of digital solutions at Jack Henry, commented, “The beauty of our Banno Digital Toolkit is the freedom and flexibility to easily build functionality consistent with our platform’s digital experience. Our relationship with both Array and Timberland Bank is an example of how we’re building a connected and inclusive ecosystem that solidifies banks and credit unions’ roles as the central financial hub. This is a continued commitment to making financial services more accessible to our industry.”
Array is a leading financial innovation platform that helps digital brands, financial institutions, and fintechs get compelling consumer products and features to market quickly. Array's credit and identity protection products, along with offers engine improve financial literacy and increase digital engagement with customers. Array’s platform enables its clients to deepen their relationships with customers and better understand their needs to deliver critical information at the right time. The company currently serves hundreds of companies reaching three million active users. The company was founded in 2020 by Martin Toha and Phillip Zedalis and its investors include Battery Ventures, General Catalyst, and Nyca Partners. To learn more visit www.array.com.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ: JKHY) is a leading SaaS provider primarily for the financial services industry. We are a S&P 500 company that serves more than 8,000 clients nationwide and goes to market through three distinct brands: Jack Henry Banking® provides innovative solutions to community and regional banks; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in cloud-based digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at https://www.jackhenry.com/pages/default.aspx.
Statements made in this news release that are not historical facts are “forward-looking statements.” Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company’s Securities and Exchange Commission filings, including the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.