Jack Henry buys Geezeo
- Founded in 2006, Geezeo was a pioneering PFM.
- Core technology providers offer sticky services to their bank clients.
Jack Henry has acquired Geezeo, which provides digital financial management solutions to consumers and businesses.
What happened: Founded in 2006, Geezeo has evolved from a white label PFM to become a key data partner with its clients by processing, cleaning, and augmenting millions of transactions. Geezeo's open API allows financial institutions to integrate its PFM functionality into their own online and mobile banking environments.
"Consumers and businesses are relying on digital technologies now more than ever, and Jack Henry is committed to ensuring our clients are future-ready with personalized, seamless and appropriately simple digital banking solutions," said Ron Moses, general manager of consumer and commercial solutions at Jack Henry & Associates.
"Geezeo takes personal financial management to the next level, using relevant data to create meaningful interactions between financial institutions and accountholders. The result is better control for consumers and businesses over their daily and long-term finances so they can achieve greater financial confidence."
What's going on: Personal finance managers are becoming integral parts of any banking technology suite. That's because PFMs have been shown to increase customer engagement.
- Core technology providers like Fiserv, Q2 and Temenos offer their own PFMs.
- Goldman Sachs bought two-year old Clarity Money in 2018. Citi offers its PFM to non-customers of the bank. Wells Fargo brought payments to the front of its banking app.
- Data firms like MX and Finicity offer their own PFMs as part of their product suites.
- Other firms, like MoneyLion, began as PFMs and have blossomed into full-blown banks.
If cash and payment management is one of the most important financial tasks for people, PFM is one of the most important offerings for banks and bank technology providers.