The Jack Henry Digital Banking Meetup took place on April 12th, 2024, providing updates on the technological advances and updates for Jack Henry/Banno products. The meetup provided a platform for participants to share insights and look ahead to product advancements on the horizon. Join us as we recap the highlights and key takeaways from this seminar.

Moving Through the Meetup

The event kicked off with an insightful overview of Jack Henry’s current platform statistics, revealing remarkable user numbers and product usage across various platforms. We learned that as of April 2024 there are 11.6 million registered users, a striking improvement from December 2023’s number of 10.9 million registered users. 878 Banno mobile customers, 820 customers live on Marketing websites utilizing Banno, 81 institutions using Treasury Management, and 75,010 onboarded business customers.

Updates were provided by several different department leaders on various projects and platforms including operations, internal systems and software, fraud prevention, and applications.

Jack Henry’s presenters noted that their teams work in three month increments across the whole Jack Henry suite of products. Teams get together and talk about what they’ve done over the last three months and what they will be working on in the coming three months. This provides a productive roadmap for project execution and completing deliverables in incremental stages.

Optimizing with Operations

In the operational update, Jack Henry announced that they have successfully transitioned to the Google Cloud Platform, significantly enhancing the security of platform systems. This has helped internal teams identify customers with gaps in SLA subscription updates, and work to ensure that SLAs are consistently updated.

In the realm of mobile development, Jack Henry released the iOS 3.11 hotfix, introducing improvements to dashboards and implementing rewrites to boost speed and performance, along with dynamic type support. Meanwhile, the Google Play Store has updated its privacy policy requirements for financial institutions. To ensure compliance, JH is available for calls to provide guidance and support to customers to correctly adhere to the new policy requirements implemented in the Google Play Store.

Improvements for Banno Apps

Moving through to JH’s updates for Banno Apps and digital platforms, we heard a lot about improvements and optimizations to existing features along with additions to the suite of services. Improving the accuracy of transaction data was one of the over-arching enhancements coming out of Q1. Transaction Category Reassignment that allows users to update information attached to transactions and Loan Payment Breakdown that provides a more streamlined interface for loan payment details via Silverlake.

Additionally, there was the announcement of new features on the OpenAnywhere platform for new account applications including fiduciary, health savings accounts, IRA deposit accounts, business accounts, and promotional code tracking. These types of accounts previously were not available to be created via OpenAnywhere, so this integration will make new account openings for tax-impacted accounts more streamlined and efficient.

Coming down the line later in 2024, a new Digital Lending Application is set to be available for use. This new lending application is an extension of the digital deposit account opening experience with OpenAnywhere, to the lending side made possible with the power of LoanVantage LOS. With the new digital lending application, financial institutions will be able to disburse funds for approved loans to customers, get pre-approved for loans, and offer lending support for HELOCs and Home Equity loans.

JH Treasury Management Updates

Within the JH Treasury Management platform, presenters informed attendees of progress made to enhance existing features of the platform, and a brief overview of what’s to come later this year. Updates to dashboard banner alerts, back-office channel user search, Positive Pay experience, and the Unified Identity Service were highlighted.

Released for use in February this year, dashboard banner and alert modals became available to bank customers. This feature allows the institution to send a message or alert notification to all users when they view their dashboard within the platform. This update allows bank customers to enhance communication of important notifications to users quickly and effectively.

The Back-Office User Search update went live in March 2024. A simple but helpful update to the database of Treasury Management users and customers that now gives users the ability to search for channel users via the Back Office company page. With this user search capability, users can quickly locate and access client profiles and information in just a few seconds.

Improvements to the Positive Pay decisioning experience are aimed to improve clarity on the status of each check exception. The state or status of check exceptions are now clearly noted at a glance, confirming if a check needs action to be taken and by whom. A breakdown by separate tabs let’s users view check exceptions by three categories: To Decision, Decisioned Today, and All Items.

The Unified Identity Service will use JH Digital authentication security for the Treasury Management platform and will support existing JH text or voice passwords and eliminates the need for challenge questions on the user’s end. This security feature will help prevent malicious cyber-attacks such as phishing. Users will receive an email notification for any changes to security settings at the user and bank levels.

Banno Admin & Toolkit Progress

The two highlighted items becoming available as of Q2 2024 from the Banno Admin & Toolkit side are digital card issuance and provisioning for Apply Wallet and Google Pay, and enhancements for Banno Business capabilities.

Digital card issuance and provisioning will allow financial institutions to grant their customers the ability to instantly push active debit cards and full-service credit cards to Apple Wallet and Google Pay. This capability will allow customers to conveniently pay for purchases with their device. Tokenized cards will replace PAN numbers and make fore a more secure payment method and reduce the operational costs of shipping physical cards to customers. Visa cards will be available first, and then Mastercard in the near future.

Inside of Banno Online, Banno Business customers will be able to manage users, create and initiate ACH payments, wire transfers, and upload and manage Positive Pay exceptions more effectively. Businesses will be able to view, create, and delete users, modify user details and permissions, and manage the status and resetting of passwords. Users can create free-form ACH batches with the options to view, initiate, and uninitiate batches. Users can view wire lists and details, and initiate wire transfers to vendors and suppliers. Positive Pay items become easily accessible with the ability to upload and approve checks, and view and work check exceptions within Banno Online.

Wrapping Up & Looking Ahead

These updates aim to streamline operations, enhance security, and offer valuable features to financial institutions. Further insights into JH Treasury Management, Banno Apps, and Banno Admin & Toolkit optimizations highlighted the continuous evolution of Jack Henry/Banno products. At BankBound, we find it essential to stay on top of advancements and updates to our client’s website CMS and core provider platforms to provide better service and digital banking strategies.

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