We support community and regional banks with the technology ecosystem and support they need to thrive today and in the future.
We help credit unions serve members at their moments of need and on the channel of their choice as their financial lives evolve.
We deliver the insight and technology ecosystem that new banks need – from meeting initial business goals to achieving long-term strategic success.
We help fintechs expand their reach and deliver their innovative solutions to a broader financial ecosystem.
We empower businesses to expedite payments processing, improve cash flow, and manage financials with industry-leading technology.
Playing to Win: Helping Financial Institutions Capitalize on Ecosystem Disruption
We are always innovating to help solve for the needs and challenges of people at financial institutions and their accountholders.
Protecting your bottom line starts with empowering the financial health of your consumer and business accountholders.
Competing for business accountholders in today's environment requires a whole new strategy.
Improving productivity and operating efficiencies is an industry-wide goal, challenging financial institutions to transform the way they do business.
There are challenges across the industry impacting financial institutions’ ability to generate and grow traditional sources of revenue.
Effectively managing enterprise risk has become more complex and challenging than ever.
Gain new accountholders and avoid expensive attrition by delivering a stellar experience in a competitive landscape.
Is Your Organization's Financial Health Leaving You Vulnerable and At Risk?
Future of Digital Banking
Read MoreFintech in a Flash: 11 Big Questions to Help You Develop a Modern Payments Strategy
Read MoreSuccess Has a Low Efficiency Ratio
Read MoreInformation Security and Risk Management: Trends and Threats
Read MoreAll-Digital Lending Capabilities | Multiple Loan Types
Read MoreMeet Jack Henry Financial Crimes Defender
Read MoreThe Really Big Small Business Opportunity
Read More6 Tips for How to Improve the Customer & Member Experience (CX)
Read More7 Things to Improve Your Accountholders' Financial Health
Read MoreOur advocacy of community and regional financial institutions is rooted in the belief that the world is better with you in it.
People are at the center of everything we do – and it starts with our associates.
We are always looking for talented professionals to join our team. Explore open opportunities.
Jack Henry has long incorporated a commitment to corporate sustainability into the way we do business. Learn about our priorities.
We are dedicated to our stakeholders and delivering a strong return on investment and long-term sustainability for our business model.
Our Purpose and Mission
The Strategic Case for Financial Health
We support community and regional banks with the technology ecosystem and support they need to thrive today and in the future.
We help credit unions serve members at their moments of need and on the channel of their choice as their financial lives evolve.
We deliver the insight and technology ecosystem that new banks need – from meeting initial business goals to achieving long-term strategic success.
We help fintechs expand their reach and deliver their innovative solutions to a broader financial ecosystem.
We empower businesses to expedite payments processing, improve cash flow, and manage financials with industry-leading technology.
Playing to Win: Helping Financial Institutions Capitalize on Ecosystem Disruption
We are always innovating to help solve for the needs and challenges of people at financial institutions and their accountholders.
Protecting your bottom line starts with empowering the financial health of your consumer and business accountholders.
Competing for business accountholders in today's environment requires a whole new strategy.
Improving productivity and operating efficiencies is an industry-wide goal, challenging financial institutions to transform the way they do business.
There are challenges across the industry impacting financial institutions’ ability to generate and grow traditional sources of revenue.
Effectively managing enterprise risk has become more complex and challenging than ever.
Gain new accountholders and avoid expensive attrition by delivering a stellar experience in a competitive landscape.
Is Your Organization's Financial Health Leaving You Vulnerable and At Risk?
Our advocacy of community and regional financial institutions is rooted in the belief that the world is better with you in it.
People are at the center of everything we do – and it starts with our associates.
We are always looking for talented professionals to join our team. Explore open opportunities.
Jack Henry has long incorporated a commitment to corporate sustainability into the way we do business. Learn about our priorities.
We are dedicated to our stakeholders and delivering a strong return on investment and long-term sustainability for our business model.
Our Purpose and Mission
Find everything you may need to support your financial institution.
Stay on top of industry trends with insights from authors who are well-versed on the inner workings of the fintech industry.
The Strategic Case for Financial Health
Future of Digital Banking
Read MoreFintech in a Flash: 11 Big Questions to Help You Develop a Modern Payments Strategy
Read MoreInformation Security and Risk Management: Trends and Threats
Read MoreAll-Digital Lending Capabilities | Multiple Loan Types
Read MoreMeet Jack Henry Financial Crimes Defender
Read MoreThe Really Big Small Business Opportunity
Read More6 Tips for How to Improve the Customer & Member Experience (CX)
Read More7 Things to Improve Your Accountholders' Financial Health
Read MoreSecuring your accountholders’ sensitive data is as much a strategic imperative as it is a regulatory requirement.
The Federal Trade Commission says consumers lost $8.8 billion to fraudsters in 2022, up 44% from 2021.1 While a majority of consumers trust their financial institution’s security measures, they’re still apprehensive.2 When you keep your data and your accountholders safe, you’re ultimately safeguarding your organization’s integrity by building (and keeping) trust.
In an era when data breaches and fraud are on the rise, regulatory bodies are tightening their grip.
The Federal Trade Commission (FTC) is now empowered to issue privacy regulations to protect consumers. The recent proposal of the Personal Financial Data Rights rule to Section 1033 by the Consumer Financial Protection Bureau (CFPB) is a game-changer. This rule targets organizations like community and regional banks and credit unions, prohibits screen scraping, and mandates data sharing in machine-readable, standardized formats.
Gartner predicts that by 2023, 65% of the world's population will be covered under modern privacy regulations – which means keeping on top of these developments is crucial.3
To successfully navigate the challenges of 2024, we need to address key security topics that impact not only your organization’s stability and regulatory compliance, but also the trust your accountholders place in you.
In the pursuit of accountholder trust, providing ownership and privacy over financial data is non-negotiable.
Open banking, facilitated by secure API connections, serves as a crucial means for seamless financial data exchange. By adopting open banking standards and leveraging secure API connections, you’ll create a standardized, secure, and controlled environment for data sharing. And by building this open and extendable ecosystem – through a combination of flexible and scalable next-generation technology and seamless integration of best-of-breed capabilities – you can ensure consumer-permissioned access for your accountholders.
Consumer-permissioned access empowers individuals and strengthens their relationship with you, their financial institution. It lets accountholders specify, reduce, and completely control their data and how it’s shared with third-party providers, including the ability to give or revoke data rights inside the digital banking experience.
With transparent, machine-readable data exchanges, both you and your accountholders gain visibility into shared data, reducing errors and enhancing security.
Screen scraping has been a thorn in the side of the financial industry, posing risks to data privacy and security.
The CFPB estimates that at least 100 million consumers have authorized third parties, including 9,000 banks and credit unions, to access their account data. That’s why replacing screen scraping with API-enabled data sharing marks a new era of secure financial data exchange. Accountholders gain control over their data permissions, minimizing risks associated with indiscriminate data extraction.
Since 2022, Jack Henry™ has been working with the major data aggregators – Finicity, Plaid, Akoya, Envestnet|Yodlee, MX, and Intuit – to implement open API-enabled data exchange.
This effort has removed screen scraping from the Banno Digital Platform™ ahead of the implementation of the CFPB’s new rule.
Fraudsters are becoming increasingly sophisticated, with account takeover fraud increasing 354% year-over-year in 2023 and 422.1 million people affected by data breaches in 2022.4
In collaboration with Jack Henry, NuDetect (behavioral security technology by Mastercard® company NuData Security) offers a unique solution to this problem. By leveraging user data analytics, NuDetect defines normal behavior associated with account entry. It reinforces vulnerabilities, tracks user behaviors, and takes appropriate action, ensuring that suspicious login events trigger two-factor authentication and fraudulent events are promptly blocked.
The point of NuDetect is to differentiate good users from bad – before they do any damage.
Rather than solely focusing on fraud detection and prevention, NuDetect focuses its efforts on making sure good users have reduced levels of friction throughout their journey – whereas bad users don’t get access to accounts and funds.
By addressing screen scaping, embracing data privacy through open banking, and adopting cutting-edge fraud detection tools, you’re not just keeping up – you’re staying ahead in safeguarding your accountholders’ trust and your organization’s integrity.
Learn more about securely navigating the future of banking with a trusted partner at your side.
For more information about Jack Henry, visit jackhenry.com.
sources
1 Sarah O’Brien. Fraud Cost Consumers $8.8 Billion Last Year, Federal Trade Commission Says. CNBC. Accessed January 24, 2024.
2 Half of Consumers Want More Security Measure From Banks. PYMNTS. Accessed January 19, 2024.
3 Gartner Says By 2023, 65% of the World’s Population Will Have Its Personal Data Covered Under Modern Privacy Regulations. Gartner. Accessed January 23, 2024.
4 Becca Thies. 2024 Cybersecurity Industry Statistics: ATO, Ransomware, Breaches & Fraud. Accessed January 23, 2024.
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