IncredibleBank boosts online account opening with Jack Henry

The $1.7 billion-asset bank uses the Banno Digital ToolkitSM to leverage integrations available to Jack Henry’s clients through the Banno Digital Platform™. IncredibleBank uses Jack Henry’s online account opening solution to customize the customer journey and remove friction from the process. This solution is enhanced with Alloy and Plaid integrations. Alloy removes onboarding friction by providing fast identity decisioning and reducing response times from 2.5 days to same-day, and Plaid automates the account-funding process to augment the experience while increasing efficiency and security. The combination of Jack Henry’s online account opening solution and integrations with leading fintechs like Plaid and Alloy enables the bank to not only better compete but boost customer engagement and loyalty.

IncredibleBank values Jack Henry’s open and inclusive infrastructure and the connections it has built with other open banking providers on the bank’s behalf. Philip Suckow, director of digital and innovation at the bank, said, “Jack Henry is offering the tools we need to deliver better customer experiences and grow our footprint. As America’s first national digital community bank, we’ve built our reputation on incredible and innovative digital experiences that empower us to maintain our position at the epicenter of our customers’ financial journeys. Providing a highly competitive online account opening experience is necessary to build relationships and earn trust with our customers.”

Since launching these technologies, IncredibleBank has already experienced efficiency gains and an improved customer experience. More than 75% of account opening decisions happen in real-time, with the other 25% completing within the same business day. Plus, automating funding can quickly detect fraud because of the increased visibility into third-party applications.

Suckow, added, “Because we’re making online account opening much easier than before, we’re seeing a reduction of 24% in abandonment rates, and we are opening 47% more accounts per month. We’re constantly reviewing our account opening performance metrics to further improve the experience, making our services more accessible to the communities we serve and positioning for future growth.”

Ben Metz, Chief Digital & Technology Officer at Jack Henry, commented, “We’re proud to work with institutions like IncredibleBank that leverage our technology and established integrations to modernize their offerings and become more competitive. IncredibleBank has taken full advantage of a select set of our services and strategic relationships to help them achieve their goals, but this isn’t limited to these two fintech partners. Jack Henry continues to create, grow and scale an ecosystem of over 250 fintechs that enables innovation, collaboration, and optionality where the integration is often at zero cost and zero lift for financial institutions.”