It’s been about two years since I first introduced the concept of open banking in a letter very similar to this one. Since that time, demand for improved digital experiences centered on your members’ needs has made open banking essential. In today’s market, members aren’t simply comparing financial institutions when making decisions on where to bank. They’re comparing experiences. They want the freedom and flexibility to bank according to their needs and not the limitations of their financial institution.
Why is open banking critical?
To thrive in this market, credit unions require an open platform focused on the evolving needs of their members. Open banking does just that. Open banking:
- Focuses on member experience.
- Is powered by technologies that engage and protect members.
- Fuels near and long-term growth opportunities for credit unions.
- Creates a clear distinction between credit unions that embrace open banking and those who do not.
At the center of open banking is collaboration. This means having open APIs (application programming interfaces) that allow third parties to design and build new apps and servers faster than you can build on your own.
What does an open approach look like?
For Jack Henry, openness is at the heart of who we are and has been since we began nearly 45 years ago. We are an open company with open technology. Prior to the era of open banking and the COVID-19 pandemic, Jack Henry had open APIs like the Banno Digital Platform™, Geezeo® , and now the Banno Digital Toolkit℠. All of which allow us to meet the diverse needs of the financial institutions we serve as well as their consumers.
Interested in learning more about Jack Henry’s open philosophy?
I’d like to invite you to view a short video that further explains Jack Henry’s philosophy on openness.
While I may not know exactly what the future holds, I do know tomorrow is calling us forward. Jack Henry’s open philosophy and approach to technology and culture has always supported the strategic agility you require and the high-quality experiences your members deserve.
Feel free to reach out to me directly at firstname.lastname@example.org to talk through any thoughts, questions, or concerns you have about being future-ready with open banking.
President & Chief Executive Officer
Jack Henry & Associates, Inc.