The Financial Health Network determined providing sound financial advice and making financial tracking tools widely available are two of the most important things financial institutions can do for their accountholders.
With the percentage of the U.S. population considered financially healthy decreasing for the first time since 2018, according to the Financial Health Pulse® 2022 U.S. Trends Report, helping your members improve their financial health has never been more important.
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See how Jack Henry™ is working to help you combat the U.S. financial health crisis.
Together, we’re enabling credit unions like yours to provide members with the ability to securely view all their financial accounts—within and outside of their primary financial institution. This is a huge step toward fighting financial fragmentation, which is largely responsible for the financial health crisis we face today.
In fact, modern members have 20 to 30 financial relationships spanning the financial services spectrum—making it nearly impossible for members to see a full, 360-degree view of their finances.
Without a holistic understanding of their finances, members become disconnected from their financial position, struggle to illuminate and adjust spending habits, and fail to recognize what steps they can take to improve their financial health.
Our relationship with Mastercard is one of the many steps Jack Henry is taking to strengthen connections between people and their financial institutions through technology and services that reduce the barriers to financial health.
In fact, the Financial Health Network hosted three workshops focused on understanding the needs of the financially coping and vulnerable, best practices for financial management, and how to build a financial health strategy.
Jack Henry also hosted a Step Into Financial Health Challenge designed to motivate attendees to track and submit how many steps they took during the event. The challenge resulted in a $10,000 donation from Jack Henry to the Financial Health Network to support their continued efforts to improve financial health for all.
In addition to our membership and support of the Financial Health Network, Jack Henry proudly supports CUNA as a dedicated Associate Business Member and the National Credit Union Foundation as a Bronze Supporter.
Looking ahead
As we look forward to all 2023 has in store, Jack Henry remains committed to advocating for positive change, co-creating innovative solutions with our credit union communities, and building stronger connections between you and your members to overcome the obstacles to financial health.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
