Companies to provide community and regional financial institutions‘ accountholders with better access to their credit data, improved credit monitoring and personalized offers
Jack Henry & Associates, Inc. announced that Array’s credit management services, identity protection tools, and offers engine will be integrated into the Banno Digital Platform, offering consumers personalized credit and financial insights through their trusted financial institutions.
Array has leveraged the Banno Digital Toolkit, 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.
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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.
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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.”
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