Working together to deliver more value to you and your users

Jack Henry and Array have expanded their partnership to bring highly desired features to end users while unlocking revenue sharing capabilities for community banks and credit unions on the Banno Digital Platform.™

What is the expanded Jack Henry and Array partnership?

Jack Henry and Array have expanded their partnership to bring unique, highly desired features to market through a licensing agreement with Array. Through this agreement, users will receive complimentary access to credit management, identity protection, privacy protection and digital financial management features with the ability to upgrade into premium features.

Why have Jack Henry and Array expanded their partnership?

Both organizations are committed to enabling innovation and helping financial institutions succeed and remain at the center of their customers' financial lives with relevant, contextual, and self-service digital tools.

How will FIs benefit from this agreement?

Users who have upgraded to premium features will generate revenue for the FI. The FI will receive 20% of the revenue.

Non-interest income

FIs will generate non-interest income as users upgrade to premium features through a revenue share arrangement. Due to the current interest rate environment institutions are hungry for NII opportunities as many loans are locked in at low rates and DDAs are paying out as high as 4-5%. In addition, when central banks set higher interest rates, it is more attractive to save. This can typically mean less demand for loans, decreasing economic growth, dropping prices, and higher unemployment.

Customer acquisition

With a more robust product offering that supports users’ financial well-being, FIs will have another lever to pull to attract net new customers.

Customer retention

Our products are proven to increase customer engagement, which can lead to higher user retention rates for financial institutions.

When users find value in the premium tools and benefits that their financial institution offers, they are less likely to close their accounts or switch to another provider. This is because they see the additional value beyond a basic checking account or loan.

How will this be delivered?

Array will deliver the service on the dashboard within a tile on the Jack Henry Banno experience. This will be implemented for all Jack Henry Banno clients, with a phased roll out in 2024.

How much does this cost?

This is a free service included in all Banno instances. There are no upfront or integration costs, nor are there any annual commitments.

Only the end user will be paying for the service when they decide to upgrade into the premium offering.

Of every dollar generated from the program, 20% of that will be shared directly with you, the FI.

When will this be rolled out?

This service will be available in a future routine 2024 Banno upgrade. If at the time, your FI does not want the free bundled service, they will have the right to opt out of the program. Array will begin Alpha testing at the end of Q1 2024.

Array's Identity Protection Free to Premium Widget

Identity Protection

Free feature offerings

Notify consumers of compromised or stolen personal information

Premium feature offerings

Restore stolen personal information through a comprehensive identity restoration services and provide on-going protection with ID theft insurance²

Array's Privacy Protection Free to Premium Widget

Privacy Protection

Free feature offerings

Scan dozens of websites (data brokers and people search sites) in real-time and view exposed personal information

Premium feature offerings

Continuously remove personal info from data brokers and people search sites and leverage ongoing web monitoring for newly exposed private information

Array's Subscription Manager Free to Premium Widget

Digital Financial Management

Free feature offerings

SUBSCRIPTION MANAGER:
View existing subscriptions and associated costs

Premium feature offerings

SUBSCRIPTION MANAGER:
Easily cancel subscriptions with the click of a button

¹Financial institutions that choose to purchase My Credit Manager and provide the full suite of credit tools at no cost to their customers and members will also have access to Offers Engine, enabling FIs to supercharge their marketing with user level credit insights.

²The Identity Theft Insurance is underwritten and administered by AIG. This description is a summary and is solely intended for informational purposes and may not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. For a Summary of Benefits, please reach out to your Array contact.