CORE BANKING, MOBILE BANKING
Businesswire | April 04, 2023
Greenlight® Financial Technology, Inc. ("Greenlight"), the fintech company on a mission to help parents raise financially-smart, independent kids, today announced Greenlight for Banks, a family banking solution designed for banks and credit unions. With Greenlight for Banks, financial institutions can now easily add Greenlight’s family finance app, loved by more than 6 million parents and kids, to their financial service offering to better serve families and help the next generation build healthy financial futures.
93% of parents say it’s important for financial institutions to provide banking and financial literacy education for their children, yet only 16% say their current bank provides such services.* With 42.9 million Gen Zers estimated to use mobile banking by 2025, it’s clear there is an opportunity to better serve young people. However, many financial institutions may not have the expertise or resources to create a compelling digital banking experience for the next generation.
Greenlight for Banks is a first-of-its-kind solution that enables partners to offer Greenlight’s suite of family banking and education products for free to their customers. With Greenlight for Banks, financial institutions can seamlessly integrate family banking into their own ecosystems, allowing them to engage the next generation of customers, grow deposits, and provide more value to families. Key features include:
Full suite of family banking tools: Greenlight’s award-winning family finance app includes financial tools for earning, saving, spending, giving, and more. Parents can automate allowance, manage chores, and send money instantly while kids and teens get hands-on money management experience with parental supervision.
Best-in-class financial education: Within the Greenlight app, kids and teens also have access to Level Up, an interactive, curriculum-based financial literacy game. Level Up includes fun and engaging games, quizzes, and lessons that go beyond the National Standards for K-12 Personal Financial Education to empower young people with money skills and confidence.
Co-branded banking experience: Greenlight delivers a dedicated, co-branded landing page, registration, and app experience — with no technical lift required by the partner.
“At Greenlight, our mission is to empower parents to raise financially-smart kids and teens,” said Matt Wolf, SVP of Business Development at Greenlight. “In building Greenlight for Banks, we spoke with financial institutions across the country and found that many were looking to solve the same problem of making financial education more accessible. Partnering with banks and credit unions will allow us to help even more parents teach their children invaluable financial knowledge and skills.”
Greenlight for Banks was developed based on years of research and learnings from serving some of the world’s largest financial institutions. The result is a turnkey solution built with seamless activation, adoption, enrollment, and reporting capabilities. Greenlight for Bank partners also have the option to hold Greenlight customer deposits in their own institution.
To date, Greenlight for Bank partners have included leading financial institutions, regional and community banks, and credit unions.
“Greenlight adds enhanced value to Morgan Stanley's CashPlus brokerage account. By providing our clients with a way to also teach their children about the world of money, we are helping to ensure the next generation has the knowledge and skills they need for a healthy financial future,” said Tom Stanmeyer, Managing Director and Head of Deposits and Banking Services at Morgan Stanley.
“We’re excited about the opportunity that Greenlight for Banks brings to WaFd Bank. We believe we’ll be better able to serve parents and their children with age-appropriate financial management skills,” said Cathy Cooper, Executive Vice President and Chief Consumer Banker at WaFd Bank. “Together with Greenlight, we can help build a safe and secure financial future for the next generation.”
“Greenlight has helped us elevate our efforts in servicing schools where we already provide financial education,” said Tansley Stearns, president and CEO at Community Financial Credit Union. “We are proud to partner with Greenlight and provide best-in-class financial access and literacy content designed for parents and kids.”
Greenlight Financial Technology is the family fintech company on a mission to help parents raise financially-smart, independent kids. Its product, Greenlight, is an award-winning banking app, complete with a debit card for kids and teens, cash back credit card for parents, and safety features for the whole family. Parents can automate allowance, manage chores, set flexible spend controls, and invest for their family’s future. Kids and teens learn to earn, save, spend wisely, give, and invest with parental approval. Together, families can also stay safe and connected with location sharing, SOS alerts, and crash detection with automatic 911 dispatch to get help if they need it.
The Greenlight Debit Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. The Greenlight Family Cash Card is issued by First National Bank of Omaha (FNBO®), member FDIC, pursuant to license by Mastercard International. Greenlight Investment Advisors, LLC, an SEC Registered Investment Advisor, provides investment advisory services to its clients. Investing involves risk and may include the loss of principal. Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Greenlight's bank partners. For more information, please visit: greenlight.com.
CORE BANKING, DIGITAL BANKING
PRnewswire | June 01, 2023
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., and upSWOT, a leading fintech platform that connects business applications for integrated data analysis and insight, have expanded their partnership by making upSWOT's business insights from Alkami digital banking data a standard feature available to all Alkami business banking clients.
The dashboard is designed to empower businesses and financial institution relationship managers with real-time, actionable insights to:
build loyalty and increase engagement opportunities.
deliver more personalized and relevant offers to business users to increase cross-sell and upsell revenue rates.
gain visibility into business health based on assets, debt load, short and long-term liabilities, and revenue pipelines.
"Businesses need to quickly ascertain their performance and partner with a financial institution that can be their trusted advisor to ensure they thrive," said Jeff Chen, vice president, product management at Alkami. "Making upSWOT a standard part of Alkami's business banking solution allows our clients—regional banks and credit unions—to better serve the financial wellness of their business account holders by providing them with the data aggregation, visualization, and analytics they need to grow their revenue." The data-driven insights from upSWOT also identify opportunities for timely recommendations related to business operations.
"We believe that small businesses are the heartbeat of our communities. This philosophy drives our commitment to providing financial institutions with the innovative tools they need to not only help their business account holders grow but also build loyalty and drive engagement," said Adam Dolby, senior vice president of partnerships at upSWOT.
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com.
upSWOT offers real-time business performance data, trends, and insights to financial institutions and business owners. The upSWOT platform, with connections to 200+ SaaS products used daily by small- and medium-sized businesses, is a powerful add-on to digital banking offerings.
FINANCIAL MANAGEMENT, FINTECH
PPRnewswire | April 25, 2023
Jack Henry™ (Nasdaq: JKHY) announced today that First Community Bank, Sunrise Bank and Today's Bank have selected Jack Henry's modern core infrastructure to provide better service to retail and business customers.
Michigan-based First Community Bank, Florida-based Sunrise Bank, and Arkansas-based Today's Bank were looking for an open and flexible technology provider capable of serving their accountholders with a single, sophisticated user experience. They selected Jack Henry for its forward-looking technology vision, which will help differentiate them from other players in their communities. The banks are particularly excited about the launch of Banno Business, Jack Henry's scalable digital banking solution for businesses of all sizes, which will help them grow their business accounts with the personal approach and trust that sets them apart and becomes generally available in July 2023.
$450-million asset First Community Bank serves both metro and rural communities across Northern Michigan, where many larger financial institutions have left consumers and businesses in need of financial support. The bank plans to grow by 10% annually for the next three years, with much of the growth concentrated on business and commercial opportunities. "With many big banks leaving our area, we see a real opportunity to step up for our community and help people and businesses in their moment of need," said CEO Daniel J. Clarke. "Jack Henry's robust technology infrastructure will help us by bringing all our systems under the same umbrella, automating processes, keeping us better connected with our customers, and improving risk management."
Sunrise Bank has a strong business customer base, serving small- and medium-sized companies in both metropolitan and beach town areas of Central Florida. The new leadership team of the $450-million asset bank aims to boost assets by more than 30% in the next couple of years while maintaining its personal approach and reputable customer service. "The automation and efficiency we will gain with Jack Henry will completely transform our bank," said Nancy Dooley, executive vice president and chief operations officer at the bank. "It will help us save time, increase accuracy, and reduce risk, while supporting an outstanding customer experience. The scalable and customizable business banking solutions will help us expand our client portfolio and reach our strong growth goals."
Today's Bank is a $300-million asset community bank serving Northwest Arkansas and the Arkansas River Valley region. "We needed a modern and open technology provider that was able to support our digital service strategy," said Brittany L. Thompson Little, executive vice president and chief financial officer at Today's Bank. "Jack Henry ticked all the boxes and was also a great cultural fit for our bank. They are positioned to help us strengthen our product base both on the retail and commercial side while allowing us to maintain the fintech relationships we've already built."
"Community financial institutions like First Community Bank, Sunrise Bank, and Today's Bank are keeping the economy alive, and providing their communities with the financial support they need to thrive," said Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions. "We're proud to support Main Street America by providing unified user experiences for businesses and the people behind them."
About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 46 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.