This dynamic approach, akin to a cashback rewards program, is embedded in the financial institution’s digital banking experience, offering account holders a unique opportunity to participate in the stock market with every swipe of their debit card.
In a seismic shift within the financial sector, cashbacks may be taking a backseat as stock rewards emerge as a new frontrunner in banking perks.
The transformation is catalyzed by the integration of Bits of Stock’s Stock Rewards Checking Account into the Jack Henry digital banking platform Banno.
Bits of Stock powers fractional shares rewards
Bits of Stock announced that its innovative Stock Rewards Checking Account is now seamlessly accessible through the Jack Henry digital banking platform. This development is poised to redefine the traditional landscape of banking benefits, shaking the foundations of the long-reigning cashback era.
The integration leverages the Banno Digital Toolkit, allowing Bits of Stock to embed its technology into the digital experiences offered by community and regional financial institutions.
OMB Bank, headquartered in Springfield, Mo., has already embraced this transformative change, becoming the first community financial institution to integrate with Bits of Stock powered by the Jack Henry platform.
Stock rewards build loyalty with younger generations
Bits of Stock’s mission to empower partners in engaging and building loyalty with younger generations takes a giant leap forward. Community financial institutions and credit unions can now offer customer rewards in the form of fractional shares of popular publicly traded stocks. This dynamic approach, akin to a cashback rewards program, is embedded in the financial institution’s digital banking experience, offering account holders a unique opportunity to participate in the stock market with every swipe of their debit card.
Arash Asady, CEO of Bits of Stock, highlighted the synergy between Jack Henry and Bits of Stock. “Both companies are committed to finding innovative ways to empower financial services for consumers at scale.”
This strategic integration allows Bits of Stock to provide a frictionless banking experience by directly embedding its technology into Jack Henry’s digital banking platform. Leveraging Jack Henry’s API, design, and authenticated frameworks, Bits of Stock contributes to Jack Henry’s ecosystem, benefiting over 950 fintechs and approximately 7,500 financial institutions.
The financial landscape is witnessing a paradigm shift, with stock rewards becoming the new focal point in engaging account holders. The Stock Rewards Checking Account, with its fractional shares of stocks, is not just a transactional tool but a gateway into the exciting world of market participation.
Bits of Stocks has been steadily growing its stock rewards ecosystem, having partnered with Loylogic, DNERO, and IONIA in 2023.