The banking industry’s competitive landscape has changed tremendously over time, expanding to include more than just financial institutions and big banks.
Today, the typical Millennial family has 30 to 40 financial relationships, and the average person has 14 financial apps on their phone. And their top reason for using those apps? To check the balances and transactions on their accounts.
With stats like these, how can you ensure your online banking app stays top-of-mind?
The average person is unsure if they’ll have enough money to pay their bills.
That’s partially because consumers have so many financial relationships that it’s often difficult to get an accurate picture of their finances. Having access to all their financial data in one place can help accountholders reduce fragmentation. However, until recently, consumers could only bring their financial accounts into one place by using a personal finance management (PFM) tool.
Now, there’s another way: Banno™.
Banno natively supports both external account connection and PFM features – meaning users can add any external accounts to your digital banking app. With Banno, rather than opening a separate app to see their balance and transactions for an external account (and then opening your app to see their debit card transactions), their external accounts can be displayed right next to their checking and savings account – all within your banking app.
Digital banking remains a top priority for financial institutions.
In fact, 43% of bank and credit union CEOs surveyed by Jack Henry™ in the 2025 Strategy Benchmark Survey, identified digital banking as a top tech investment priority over the next two years.
At the same time, consumers are increasingly focused on improving their financial health. The right financial management tools can simplify money management, empower consumers to make more informed decisions, and help them work toward greater financial security and long-term economic wellness.
However, knowing how to move forward – and which tools will truly make an impact – can be a significant challenge.
Step 1: Helping users improve their financial health starts with clarity. Banno offers enriched transactions that give users a clearer, more intuitive view of their spending – automatically categorizing transactions and generating recognizable, descriptive transactions that make it easier for users to understand exactly where their money is being spent.
Users also have the freedom to change or adjust spending habits as needed to better manage their finances and meet their financial goals
When consumers can view all their financial accounts are in one place, they gain a clearer understanding of their finances – making it easier to manager budgets, track spending, and reduce reliance on third-party PFM tools.
That’s why Jack Henry acquired Geezeo® ‒ to bring robust PFM capabilities directly into Banno – delivering a more complete, integrated digital experience for users.
To further address financial fragmentation and strengthen consumer financial health, Jack Henry also collaborates with trusted companies like Finicity® (a Mastercard® company). Finicity empowers consumers to securely share their
financial data across a broad ecosystem of providers – without revealing their login credentials to third parties – giving them more control and flexibility while maintaining security.
Together, these powerful capabilities help eliminate financial fragmentation, support better financial decision-making, and position you at the center of your account holders’ financial lives – reinforcing and expanding your role as their primary financial institution.
Ready to improve your accountholder experience and consumer financial health? Unlock strategies to put accountholders at the center of banking with Jack Henry.
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