Published By CUEvangelist – October 11, 2024
In a recent conversation with CUEvangelist, Brynn Ammon, President of Credit Union Solutions at Jack Henry, shared insights into her role, the challenges credit unions face, and how Jack Henry is positioning itself to support these institutions in a rapidly changing financial landscape.
Q: As President of Credit Union Solutions, could you describe your role and how it aligns with Jack Henry’s mission?
Brynn Ammon: My role is to serve as an advocate for credit unions, both within Jack Henry and the broader industry. I represent our credit union clients on executive teams and act as a voice for credit unions in the tech space. Jack Henry is deeply committed to improving the financial health of members served by these institutions. My job is to ensure that credit unions are equipped with the technology to help their members achieve financial well-being.
Q: You have over a decade of experience in the credit union space. What drew you to this industry?
Brynn Ammon: My journey into the credit union industry was somewhat accidental, as is the case for many. I moved to California and, without prior marketing experience, applied for a marketing supervisor position at a credit union. Thankfully, the credit union executives I had worked with before gave me glowing recommendations. I quickly fell in love with the credit union philosophy of “people helping people.” It captured my heart, and I’ve been passionate about it ever since.
Q: What do you see as the top challenges for credit unions?
Brynn Ammon: First and foremost is the effective use of data. Credit unions need to ensure they have strong data strategies in place, making sure clean data is used and understood, and implementing clear policies and procedures governing its use. This becomes especially critical as new regulations such as those related to open banking. Credit unions must prepare now, ensuring that when open banking becomes mandatory, they are ready to participate fully in that landscape. The second challenge is the role of artificial intelligence (AI). Even if a credit union isn’t actively using AI yet, their employees likely are. Developing a policy around AI—whether it’s to embrace it or to set clear boundaries—is crucial. It’s about being proactive, covering your bases, and ensuring responsible use. At Jack Henry, we’ve adopted a responsible, bold, and balanced approach to AI. It’s important to carefully consider how AI is deployed while protecting members’ data. As stewards of that data, we must ensure the proper controls are in place to prevent sensitive information from being misused or exposed.
Q: You mentioned open banking. How is that impacting credit unions today?
Brynn Ammon: Open banking, or more specifically Regulation 1033 that will soon take effect with final rules to be published later this month, gives consumers control over their data, allowing them to choose who can access it. It’s already influencing how financial institutions manage data. There is an inherent risk in account aggregators where users input their credentials to pull data from various sources. This screen-scraping process has led to a confusing double standard: on one hand, we tell people it’s okay to share their passwords with these companies, but on the other, we warn them not to share their credentials due to security concerns.
Now open banking shifts the control back to members, allowing them to decide who has access to their information. Credit unions will need to figure out how to manage and control this new reality. Jack Henry has already started helping credit unions adapt to this by eliminating screen scraping through our platforms like Banno, where members can securely share data across accounts without handing over credentials.
Q: What challenges do credit unions face in reaching younger generations, such as Gen Z and Gen Alpha? How can Jack Henry help bridge that gap?
Brynn Ammon: There’s always been this dynamic when it comes to marketing or product delivery, where the people making decisions are typically more experienced, while younger generations entering the market have different mindsets and expectations. Whether it’s Baby Boomers trying to understand Generation X, or Millennials connecting with Gen Z, it’s a constant process of learning how one generation communicates with another. To reach younger generations, Jack Henry excels at looking around corners, anticipating future needs, and helping credit unions plan for the future. Our research focuses on “HENRYs”—High Earners Not Rich Yet—who will become tomorrow’s affluent consumers. In order for credit unions and community banks to survive, they have to plan today for the people who are going to earn tomorrow. To reach these future members, credit unions need to adopt a forward-thinking, tech-driven strategy today.
Q: What key factors should credit unions consider when adopting new digital banking platforms?
Brynn Ammon: It’s not just about the technology. Credit unions should consider the relationships they build with technology providers. When a problem arises, you want a partner who’s in the trenches with you—someone who’s responsive and committed to solving issues quickly. Technology is only one part of the equation; it’s the people behind the technology that make a real difference.
Q: How is Jack Henry integrating new technologies with legacy systems that many credit unions still use?
Brynn Ammon: Our approach is deliberate and evolutionary. Through our Technology Modernization Strategy, we’re incrementally upgrading components, allowing credit unions to adopt new innovative technologies at their own pace. This ensures that the infrastructure they’ve built around Symitar is not disrupted overnight but can evolve thoughtfully over time.
This multi-year strategy centers on Jack Henry’s ongoing development of a single, modern, open-banking platform that enables easy access to a broad ecosystem of Jack Henry solutions and high-grade, third-party fintechs.
Q: Do you think the Symitar platform will evolve or merge with other systems in the future?
Brynn Ammon: There’s no current timeline for retiring our core platforms like Symitar. We recognize that some clients will hold on to these systems for as long as they serve their needs. While we are developing digital solutions for the future, we will continue to support Symitar well into the coming decades. Jack Henry will continue to evolve but will also support its existing core systems and complementary solutions as it builds new core component services on the cloud, including new account opening, wire processing, deposit processing, and account servicing over the next several years.
Q: Cybersecurity is a growing concern. How can credit unions stay ahead of evolving threats while maintaining member trust?
Brynn Ammon: Cybersecurity is definitely a hot topic issue and Jack Henry is focused on providing credit unions with the tools and resources necessary to navigate the increasingly complex landscape. The company’s priority is to ensure that our clients not only have the technology to protect their members but also have clear strategies in place to maintain trust. For credit unions, whether through our Gladiator services, Hosted Network Solutions (HNS) managed services, or the private cloud environment— the company manages cybersecurity with the same diligence as its own networks. Jack Henry has over 100 cybersecurity experts on staff dedicated to identifying and mitigating threats and any suspicious activity. We also provide workshops and consulting to our clients to help them stay ahead of cyber risks. However, security threats like phishing remain a significant concern for employees. Educating and empowering employees to recognize and report suspicious activities is key to maintaining security and trust. Jack Henry encourages credit unions to model what we do and that is to make sure patches are updated and scans are run on a consistent basis.
Q: With your marketing background, how do you feel about credit unions utilizing social media?
Brynn Ammon: I think it’s fantastic. Social media is a powerful tool for credit unions to engage with their members. Any opportunity for increased visibility and connection is a positive step.
Q: How can credit unions maintain their member-centric approach while adopting more digital and automated services?
Brynn Ammon: Digital adoption can actually enhance personal connections. As branches evolve and teller lines disappear, the branch experience becomes more consultative and relationship driven. Even with automation, AI, and chat services, human connections remain vital, especially in more complex financial matters. We recently did a case study with one of our clients that’s using a generative AI through our Banno platform that was able to connect to Spanish speaking customers that increased their transactions by thirty percent. This occurred because everyone in the call center now has the ability to conduct generative AI conversations whether they speak Spanish or not. Consequently, they’ve increased their ability to connect and can now truly meet their customers where they are. The balance between digital efficiency and personal service is key to maintaining member trust.
Q: Finally, could you tell us more about Banno and the concept of “The Garden”?
Brynn Ammon: Banno is Jack Henry’s digital banking solution, providing a seamless experience for credit union members. “The Garden” is the developer environment for Banno, allowing fintechs to integrate with our services without costly barriers. Our belief at Jack Henry is that every fintech should have the ability and the access to connect to our services and we should be able to do that for free. Any fintech can go to jackhenry.dev and find all of our public facing APIs. They can request a token, get token authorization, and then they have access to the developer’s environment for Banno, which is called “The Garden.” Our goal at Jack Henry is to create a fintech ecosystem that allows credit unions to offer modern, connected solutions to their members without requiring them to manage multiple disparate apps.
Mark S. Brantley, Esq. is known as the CUEvangelist – “Spreading the Good News About CUs!” and is also the Asst. Director of Operations at Arizona State University. He was the former vice-chairman of the AACUC, former board member of CUNA, and former Chairman of the Municipal Credit Union. He has written numerous articles and white papers on credit union advocacy, legislative, and regulatory matters.