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Digital Banking

You Don’t Need Modern Fintech Products … You Need Extensible Products

Jonathan Mills Patrick
May 24, 2024

In the fintech world, the word “modern” is ubiquitous. However, given the speed of innovation, what’s modern today is outdated tomorrow.


In our technology-driven world, continuous deployment enables fintech products to undergo multiple releases per week or even multiple updates per day.


Take our very own Banno Digital Platform™, for example. The experts behind Banno™ have been known to push hundreds of features and functionality releases each year. 


Since “modern” then becomes a relative term, I’d argue financial institutions are really looking for extensibility.


By definition (related to computing), extensibility is the quality of being designed to allow the addition of new capabilities or functionality.


In simpler terms … extensibility allows for growth.


By the way, I’m not discounting the importance of utilizing the best of what technology has to offer. Jack Henry™ understands that all too well, which is exactly why we teamed up with Google to leverage the Google Cloud Platform.


We prioritize building fintech products (like our new Jack Henry Wires product) in the cloud because the cloud enables product extensibility. Offering our clients extensible, adaptable fintech products is the driving force behind our technology modernization strategy. Through our technology strategy, Jack Henry™ has embarked on the largest project in our 47-plus-year history – building next-generation, cloud-native microservices that:


✔ Are built on top of the most current, powerful architectures available

✔ Are core-agnostic

✔ Are accountholder-centric in their approach

✔ Don’t require a lift and shift update to your core processing system

✔ Have a clean, efficient user interface (UI) or leverage services by calling our published open APIs

✔ Allow you to consume updated, feature-rich, core components that solve your unique pain points and help you attack strategic use cases


How Can the Extensibility of a Platform Benefit You? 


These components aren’t part of a side-core. They’re part of your core that we’re enhancing for greater extensibility.


By creating extensibility through the product development life cycle (PDLC) of these stand-alone components, we’re empowering you with the ability to have a solution that, as one of our customers described, is “Like a deep dish pizza, not a turkey sandwich.”


I don’t know about you, but I’d rather have a deep dish pizza for lunch over a turkey sandwich every day of the week.


And the most exciting part!? We’ve already launched components that are being used internally to extend our capabilities – with many more in flight. These include, but aren’t limited to:

  • Jack Henry Wires: A cloud-native domestic and international wire platform.
  • Authorizations: An entitlements and role-based access control system.
  • Entity: A refreshed approach to manage traditional Customer Information Files (CIFs).
  • Deposit Account Servicing: A modernized deposit gathering fintech product.
  • General Ledger: A powerful, cloud-based, GL system.
  • Exception Item Processing: A new, automated method of processing exception items to improve back-office efficiency.
  • Card Management: Debit-card management, including the ability for consumers to immediately provision and issue digital cards.

While all of these are components our customers can consume independently, they’ll also all work well together to create an innovative, deposit-gathering solution. 


What’s more extensible than a product that allows you to solve a variety of use cases by combining components to suit your needs (all without the need for a mass migration)?


The next time you find yourself thinking about a “modern” fintech product, I encourage you to stop and ask yourself how long it’ll meet the definition of modern. A new house is only new for so long … but if the foundation and framing are good, you can update it as often as you wish to keep it fresh – or extensible.


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