Jack Henry: Making Financial Health a Brand Promise

More than 7 million U.S. households are underbanked, which means they lack adequate access to quality financial services. For Jack Henry, that figure represented an opportunity to help its clients and partners reach their current and potential accountholders in a more human way using technology. 

Jack Henry is committed to strengthening connections between individuals and businesses, and their financial institutions, by using technology and services that reduce the barriers to financial health. Transformation is a strategic imperative as the business seeks new ways to better serve its clients. Jack Henry realized that its unique role as a connector between financial institutions and their employees and accountholders left it well-positioned to further break down barriers around financial health – and that technology-enabled solutions were key to accomplishing this goal.  

This transformation was already in process when Jack Henry invited Financial Health Network CEO Jennifer Tescher to speak at its annual conference in 2021. Tescher shared how companies can make financial health a pillar of their corporate strategy and why doing so is a smart business decision. Citing Financial Health Network research, Tescher showed there was a huge gap between what consumers wanted from their financial institutions and what they received: 80% of consumers wanted their financial institution to support their financial health, but only 14% said their financial institutions were helping them improve.

The same study noted that Financially Healthy people are more loyal customers, more satisfied, and more likely to purchase additional products and services from their financial institutions. By helping consumers improve their financial health, Tescher explained, businesses can also boost their bottom lines.

The timing of Tescher’s presentation around financial health as a strategic priority couldn’t have been better. Jack Henry’s executives were already considering how to strengthen the bonds between people and their financial institutions so that their financial institutions could best serve them – with the vision that financial institutions serving as one source of truth for their customers’ financial lives is the first step to financial wellness. 

In 2022, the company rebranded to encompass a new purpose and mission: use technology and services to reduce barriers to financial health. The team brought their three previous brands into a singular Jack Henry brand that would be the platform for strengthening connections between communities and regional and financial institutions. By intentionally focusing on financial health, Jack Henry could now better support both its clients and its clients’ accountholders.

Jack Henry’s relationship with the Financial Health Network continued to deepen in 2022, when the organization became a Financial Health Network Member. As a Member, Jack Henry can now access exclusive data and advice from Financial Health Network experts, along with close connections to the U.S.’ biggest banks, credit unions, fintechs, and advocates committed to financial health. 

The company has already leveraged data around primary financial institutions in its planning, referenced and used finhealth resources like the FinHealth Maturity Assessment Program (FinHealth MAP) to shape its strategy, and incorporated behavioral science principles into its solutions. 

Jack Henry has taken advantage of additional Member benefits to expand its impact. It has participated in the Employer FinHealth Forum, connecting the organization to HR leaders and insights that can help it advance workplace financial health. Jack Henry has also played an active role in shaping the Member experience by sitting on the Member Advisory Committee for two years. 

Over the last two years, Jack Henry has invited the Financial Health Network to share finhealth insights and best practices with hundreds of customers at its annual conference. At the 2022 Jack Henry client conference, several Financial Health Network experts presented on consumer insights, designing finhealth products, and operating a finhealth business. 

As Jack Henry continues its transformation, the company is leading the way in demonstrating the critical role of financial health in accountholder well-being and business growth.