Competing With Neo-Banks: Why EWA is the Competitive Edge Banks Need
In the rapidly evolving financial landscape, neo-banks like Chime, Varo, and Current have disrupted traditional banking models.
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[Miami, FL, December 12, 2024] – Clockout, a pioneer in bank Earned Wage Access (EWA) infrastructure, is excited to announce new strategic partnerships with Jack Henry and Fiserv, two of the largest core banking providers in the United States. These partnerships position Clockout to provide financial institutions with the first embedded EWA solution, empowering them to meet evolving customer demands and remain competitive in today’s digital-first world. By integrating with Jack Henry and Fiserv's core banking platforms, Clockout is simplifying the adoption of EWA at financial institutions. This will enable them to offer customers on-demand access to their earned wages directly within their mobile banking apps. The integration will soon be available on the Jack Henry and Fiserv marketplaces, allowing banks to deploy Clockout's solutions with minimal effort while maximizing value.
The rise of neo-banks and fintech disruptors has created unprecedented competition for traditional financial institutions. Banks and credit unions are increasingly losing customers to digital-first competitors that offer innovative products like EWA. Clockout’s embedded EWA solution is designed to reverse this trend, helping financial institutions grow core deposits, improve customer retention, and attract new account holders. “Our partnership with Jack Henry and Fiserv is a game-changer for financial institutions looking to stay competitive,” said Juan Jurado-Blanco, CEO of Clockout. “This integration allows banks and credit unions to seamlessly add a highly sought-after feature to their digital offerings—on-demand pay—without disrupting their existing infrastructure. With Clockout, financial institutions can deliver immediate value to their customers while driving deposit growth and customer loyalty.”
Clockout’s embedded EWA solution allows account holders to access a portion of their earned wages before payday through their bank’s mobile app. Customers can seamlessly verify their income, switch direct deposits, and request funds in just a few clicks. By offering this service, banks create a compelling incentive for customers to set up or switch direct deposits to their institution, directly driving deposit growth and enhancing customer engagement.
The partnerships with Jack Henry and Fiserv mark a significant milestone in Clockout’s mission to modernize banking services. Clockout plans to go live in both core banking marketplaces in the coming months, making it even easier for financial institutions to implement this cutting-edge solution. “Clockout’s collaboration with these core banking leaders reflects our commitment to empowering banks and credit unions with the tools they need to thrive in an ever-changing landscape,” said Jurado-Blanco. “We are excited to expand our reach and help even more financial institutions strengthen their retail banking strategies.”
Clockout is a fintech company specializing in Earned Wage Access (EWA) solutions designed for banks and financial institutions. By embedding EWA technology directly into banking platforms, Clockout enables financial institutions to attract new customers, grow deposits, and improve customer retention—all while promoting financial wellness for account holders. Learn more at www.joinclockout.com.
Jack Henry is a leading provider of technology solutions and payment processing services for financial institutions. Focusing on innovation and customer service, Jack Henry supports community banks, credit unions, and fintech companies in delivering personalized and efficient banking experiences. Learn more at www.jackhenry.com.
Fiserv is a global leader in financial technology and payments, enabling clients worldwide to achieve best-in-class results. Fiserv’s solutions help financial institutions deliver exceptional customer experiences, streamline operations, and grow revenue. Learn more at www.fiserv.com.
