Jack Henry launches MyFinancialHealth, a financial health tool suite.

Jack Henry has launched MyFinancialHealth, a suite of financial health tools for banks and credit unions on the Banno Digital Platform. The tools include credit monitoring, identity and privacy protection, subscription management, and federal student loan management. The platform is free to use with optional paid upgrades. This allows financial institutions to offer key features at no cost to users while generating revenue through premium upgrades.

Jack Henry, a leading financial technology company, has announced the launch of MyFinancialHealth, a comprehensive suite of financial health tools designed for banks and credit unions on the Banno Digital Platform. The platform, powered by Array, offers a range of features including credit monitoring, identity and privacy protection, subscription management, and federal student loan management. These tools are available through a free-to-premium model, allowing financial institutions to offer key features at no cost to users while generating revenue through optional premium upgrades.

MyFinancialHealth is designed to be easily integrated into existing banking systems, requiring only a single configuration change. This approach eliminates the need for API integration or custom development, significantly lowering the adoption barrier for financial institutions. The platform is now available to over 1,000 banks and credit unions, with Oklahoma-based First Fidelity Bank being one of the early adopters [1].

The suite of tools is aimed at providing accountholders with better control and insight into their financial health. By offering these capabilities through a single integration point, Jack Henry helps reduce financial fragmentation and positions its client institutions as central financial hubs. This shift can enhance customer engagement and retention, as users can manage various financial aspects in one place.

The free-to-premium model is particularly noteworthy, as it allows financial institutions to offer core features at no cost while generating new revenue streams through optional premium upgrades. This approach mirrors successful subscription models in other industries, such as the "Netflix model" referenced by First Fidelity Bank. According to Array, users visit its components an average of 2.2 times a month, with many opting into premium services that offer additional protection and convenience [2].

The launch of MyFinancialHealth aligns with Jack Henry's mission to deepen the connection between accountholders and their primary financial institutions. The company aims to offer seamless access to embedded third-party solutions, helping to improve digital engagement and strengthen the financial relationship between banks and their customers.

References:
[1] https://www.prnewswire.com/news-releases/jack-henry-launches-myfinancialhealth-on-its-digital-banking-platform-powered-by-array-302524710.html
[2] https://www.stocktitan.net/news/JKHY/jack-henry-launches-my-financial-health-on-its-digital-banking-nis718izpg1c.html