Community and regional financial institutions can now personalize onboarding and engagement in digital banking to win primary financial institution status.
Swaystack announced today that its gamified onboarding switch kit and personalized engagement platform are now accessible through the Jack Henry™ digital banking platform.
Swaystack announced today that its gamified onboarding switch kit and personalized engagement platform are now accessible through the Jack Henry™ digital banking platform.
Swaystack leveraged the Banno Digital Toolkit™, the same set of APIs the Banno Digital Platform™ is built on, to embed its technology into the digital experiences offered by community and regional financial institutions. Access to Jack Henry’s API, design, and authenticated frameworks has enabled Swaystack to directly integrate into the digital banking platform providing a seamless banking experience. This integration contributes to Jack Henry’s growing ecosystem of over 1,000 fintechs, providing approximately 7,500 financial institutions with relevant financial products and services for their accountholders.
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46% of newly opened accounts go inactive within the first year (Jim Marous, The Financial Brand). With the cost of acquisition for new accounts well over $200, banks and credit unions face a dual strain: coming out of pocket to acquire account holders, while nearly half of those accounts go inactive.
What are the primary reasons new accounts go inactive?
● Funding never happens
● Direct deposit never gets set up
● Debit cards are seldom used
Swaystack’s gamified onboarding switch kit tackles the most common challenges that financial institutions face when onboarding new customers:
● Funding: Facilitate immediate funding with Instant Account Verification (IAV)
● Direct Deposit: Switch direct deposit seamlessly by connecting with payroll providers
● Debit Card Usage: Update card-on-file with APIs to popular merchants
“Swaystack’s revolutionary onboarding switch kit helps banks and credit unions re-engage their new account holders with home screen widgets in digital banking. To establish primary financial institution and top of wallet status, we must win the direct deposit relationship and help consumers put their card-on file with popular merchants,” said Har Rai Khalsa, Swaystack’s CEO, Co-founder. “With our new Jack Henry partnership, Swaystack can fulfill its mission to help banks and credit unions compete with neobank and megabank personalized onboarding and engagement.”
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