In an effort to expand digital services, many financial institutions have added online applications that are designed to operate in the back office. When borrowers can’t solve their issues via self-service, they appeal to performing live customer service calls to solve their problems — thereby reportedly driving up operating costs. Constant has established a self-service strategy that seeks to prioritise resolution so borrowers can complete transactions without engaging more expensive live channels. The foundation of this strategy is built on access to Jack Henry’s Banno Digital Platform.
Constant leveraged the Banno Digital Toolkit, the same set of APIs the Banno Digital Platform is built on, to embed its technology into the digital experiences offered by community and regional financial institutions. Access to Jack Henry’s API, design, and authenticated frameworks has allowed Constant to integrate directly into the digital banking platform, providing a seemingly better banking experience. This integration contributes to Jack Henry’s growing ecosystem of over 850 fintechs, providing approximately 8,000 financial institutions with relevant financial products and services for their account holders.
The Chief Executive Officer at Constant cites Gartner, mentioning that only 9% of customer service experiences are fully resolved by self-service. She continued to say that, by prioritising resolution, Constant wants to reduce the borrowers’ effort to complete transactions, which can build confidence in the self-service channel rather than reaching out to a live rep. The fintech’s integration with the Banno Digital Platform and Episys through the Symitar Vendor Integration Program (VIP) allows Constant to provide its Zero Processing Skip-a-Pay and other high volume loan servicing solutions, IBS Intelligence concludes.
In 2022, Jack Henry announced multiple partnerships and deals, from which we mention the following:
Similar to Constant, in December 2022, US-based provider of digital customer service (DCS) Glia made its digital-first solution accessible through Jack Henry’s Banno digital paltform.
In November 2022, AI-powered identity verification platform IDScan.net partnered with financial technology provider Jack Henry to enable mobile onboarding.
In October 2022, Jack Henry launched a standalone Peer-to-Peer (P2P) payments solution, powered by Payrailz digital payments platform.
The aforementioned Payrails was acquired by Jack Henry in August 2022, adding the former’s digital payment capabilities to its ecosystem.
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