Jack Henry rolls out "MyFinancialHealth" on its digital banking platform, fueled by Array technology.
MyFinancialHealth: Simplifying Financial Management for Banks and Customers
Jack Henry™, in collaboration with Array, has introduced MyFinancialHealth, a comprehensive suite of financial health tools designed to enhance digital engagement and offer a one-stop destination for financial management services. This innovative platform is now available on the Banno Digital Platform™ [1][3][5].
MyFinancialHealth is aimed at deepening the connection between accountholders and their primary financial institutions by providing valuable, easy-to-use tools. These tools include credit monitoring, identity protection, privacy management, subscription oversight, and federal student loan management [1][3].
One of the key advantages of MyFinancialHealth is its free-to-premium model. Financial institutions can offer essential features for free while providing upgrades for enhanced services. This model increases user choice and engagement, with many users opting for premium upgrades, which can also create additional revenue streams for institutions [1][3][5].
Early adopters of MyFinancialHealth, such as First Fidelity Bank, are leveraging the platform to remain a comprehensive financial hub for their customers. This "Netflix model" of financial tools available as needed simplifies financial management services for customers and increases monthly user visits, averaging 2.2 per user [1].
MyFinancialHealth expands financial wellness offerings without requiring API integration or custom development. Activation occurs through a simple configuration. This ease of implementation helps reduce financial fragmentation by consolidating various financial management services into a single platform, encouraging accountholders to engage more frequently with their primary financial institution [3][5].
The suite also includes credit data and monitoring as foundational elements, but layers on identity protection, privacy tools, and subscription management for a full-service experience. Banks and credit unions can unlock new fee-based revenue opportunities through optional upgrades in MyFinancialHealth, such as subscription cancellation and data broker removal [1][3].
Array's embedded model allows for easy provision of additional insights to customers, further enhancing the digital ecosystem for over 1,000 banks and credit unions on Jack Henry’s Banno Digital Platform™ [1][3][5]. This expansion is part of Array's broader strategy to help financial institutions offer best-in-class capabilities with less effort. MyFinancialHealth is intended to reduce financial fragmentation, improve digital engagement, and position financial institutions as the central hub of their accountholders' financial lives.
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