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Daily Tearsheet: Jack Henry’s CEO David Foss on unbundling its core, and three experts share thoughts on Chase’s moves in the metaverse

  • Today on Tearsheet, core software provider Jack Henry is undergoing a big shift in technology strategy.
  • Also, what's JPMC up to in the Metaverse + how crypto is impacting incumbent financial institutions
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Daily Tearsheet: Jack Henry’s CEO David Foss on unbundling its core, and three experts share thoughts on Chase’s moves in the metaverse

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‘We’re putting the power in the hands of the banker’: Jack Henry’s CEO David Foss on unbundling its core

As we continue to press on the technology throttle, core software providers like Jack Henry are changing, too. The firm after 45 years, recently announced a new technology strategy that would unbundle its software – essentially taking its core-system parts and making them discrete services that can be customized and rebundled alongside other fintech offerings. 

Jack Henry’s CEO David Foss joins the Tearsheet podcast, hosted by Tearsheet’s editor in chief, Zack Miller — to talk about how we got to this point in history. He shares his own personal experience, beginning at his firm as a programmer decades ago. David sees a big opportunity for banks to leverage the renaissance of technology we’re living through to best serve their customers. 

Read/listen more

Addressing the tiger in the room: Three experts share thoughts on Chase’s moves in the metaverse

In February, JPMorgan Chase became the first bank to dip its toes into the metaverse. The bank opened a lounge in Decentraland, currently one of the most popular metaverses and the first of its kind in terms of being powered by the Ethereum blockchain. Users can transact inside this reality with crypto wallets.  

Decentraland has been getting a lot of attention recently

But with that being said, it’s interesting to see how many takes you can get on this one move. Is it a sign of where banking is headed or just a marketing stunt?

Tearsheet turned to three industry experts to get their thoughts.

Read more

The latest briefing

Bankchain Briefing: How is crypto adoption impacting incumbents?

2021 was a game-changing year for the crypto industry, with record gains in global blockchain funding, investor interest, as well as digital asset ownership among consumers.

2022 is expected to bring continued crypto adoption both by the general public, as well as on an institutional level by companies offering consumers the chance to buy, sell, store or spend cryptocurrencies.

This week, we explore how growing crypto adoption is impacting traditional financial institutions, and how some of them choose to react.

Read more (exclusive to Outlier members)

Just look at the charts

1. Improving customers’ payments journeys

SourcePanagiotis Kriaris

2. Future of the ’embedded finance’ market 

SourceLex Sokolin

Today’s stories

Amex hints at a range of potential metaverse services
American Express has filed trademark applications to register its name, logo, and slogans for a range of banking services in the metaverse (Finextra)

Bain Capital Crypto is under fire for an all-male Twitter photo
Bain Capital launched a $560 million crypto-specific fund on International Women’s Day, and Bain earned some online backlash for a photo of the all-male Bain Capital Crypto team (CoinDesk)

JPMorgan Chase is making its latest fintech investment
JPMorgan is buying Global Shares, an Irish fintech firm whose software helps businesses manage employee stock plans (Reuters)

What’s ex-Goldman Sachs’ Greg Smith doing now?
Smith, who was a-VP at Goldman Sachs, is still proud of his famous March 2012 New York Times op-ed, in which he described Goldman’s environment as “toxic and destructive” and stands by his criticisms (MarketWatch)

Microsoft is increasingly interested in Web3
ConsenSys has raised $450 million in a funding round backed by the likes of Microsoft, SoftBank, and Temasek to dive into Web3 (CNBC)

Aptos is bringing Diem blockchain to life
Aptos, a team helmed by former Facebook coders, is rejuvenating the Diem blockchain outside of the watchful eye of Meta. It confirmed a $200 million funding round (CoinDesk)

Stay ahead of the game with Outlier — Tearsheet’s exclusive members-only content program and join the leading financial services and fintech innovators reading us every day.

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