Bankjoy Signs Credit Union of Ohio

Digital banking services company Bankjoy may bring a bit of joy this week to the members of Credit Union of Ohio. That’s because Credit Union of Ohio is now leveraging the Michigan-based startup’s online and mobile banking technology to bring its members a new, omnichannel banking experience.

The move is strategic for Credit Union of Ohio. The credit union’s VP of Marketing & Strategic Planning Jill Gerschutz said that the implementation is an “ideal way” to retain members because it shows that Credit Union of Ohio is adapting and evolving with new trends. Gerschutz also hopes the move will boost the number of members who use the credit union’s mobile app. “We see the importance of constant movement to enhance our services – especially when it comes to technology and their online banking needs,” Gerschutz said.

After Credit Union of Ohio’s previous online banking provider announced it was discontinuing its product and would no longer provide updates, the credit union reached out to Bankjoy. “With an ever-changing technology environment,” Gerschutz said, “we knew this was crucial to finding a new product.” And since Bankjoy has already worked with all of Credit Union of Ohio’s third-party vendors, the transition will be an easier one. Other factors swaying Credit Union of Ohio toward Bankjoy include the number of customization options, as well as the startup’s innovative nature, such as offering facial recognition and TouchID login options.

At FinovateFall 2016, Bankjoy Founder and CEO Mike Duncan showcased the company’s API. It is a REST API that offers real-time transaction data and features such as card management, check deposit, money transfer, bill payment features, and loan applications. It has been a busy deal-making season for Bankjoy. The Y-Combinator alum inked a deal with SafeAmerica Credit Union last month to provide the credit union’s 35,000+ members a better online and mobile banking experience.

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  • Bankjoy Signs Credit Union of Ohio.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Bankjoy Brings New Online and Mobile Banking System to SafeAmerica Credit Union

SafeAmerica Credit Union’s investment in its partnership with Bankjoy has begun paying big dividends. The 35,000+ member credit union unveiled its online and mobile banking platform last week, successfully enrolling 25% of its active users within the first day of the launch.

Steven Page, VP of Marketing and Digital Banking for SafeAmerica CU said that customer engagement is a priority for the institution, and that Bankjoy’s platform and API integration capabilities would go a long way toward this goal. “(We are) always trying to find an easier way for our members to transact with us,” Page said. “Teaming up with Bankjoy has helped give SafeAmerica that flexibility to be nimble. With the new Bankjoy online banking and mobile app, we can continue to make improvements faster from the feedback we get from our members.”

Chartered in 1953 as a credit union for Safeway employees, SafeAmerica serves the Northern California counties of Alameda, Contra Costa, San Mateo, and Santa Clara, as well as a number of employer groups. It has $430 million in assets.

Bankjoy demonstrated its modern REST-based banking API for developers at FinovateFall 2016. The Mountain View, California-based fintech gives community banks and credit unions the ability to offer an omnichannel banking experience including mobile and online banking, as well as financial goal management. FIs can benefit from Bankjoy’s targeted advertising platform that enables banks and credit unions to send relevant marketing and other communications to their customers and members over all digital channels.

A graduate of the Y Combinator program, Bankjoy inked a deal with Michigan-area Coca-Cola Credit Union last spring. This added to the three credit unions that partnered with the company at the beginning of the year – Indiana’s CommunityWide FCU, Idaho’s Advantage Plus FCU, and Illinois’ One Detroit CU. The company was founded in 2015 by Michael Duncan (CEO).

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Coca-Cola Credit Union Chooses Bankjoy As New Mobile Banking Provider

Bankjoy_homepage_April2017

Coca-Cola CU (CCCU), an Atlanta-based credit union serving the employees of The Coca-Cola Company and their immediate families, has picked Bankjoy to provide online and mobile banking services for its members. The new platform will include billpay, mobile deposit, PFM, card services, and wire transfers, as well as a major redesign of CCCU’s website.

CCCU IT manager Farhan Jadavji found a lot to like in Bankjoy’s offering, crediting the technology for being “agile and innovative” and “supporting the trends of cross-generational demographics.” Jadavji listed “greater productivity, improved efficiencies, and increased security” among the reasons why it was “easy to select Bankjoy as our partner.” Bankjoy CEO Michael Duncan added, “Coca-Cola Credit Union has a clear vision of the omnichannel experience it wants to create for its members. No two credit unions are the same, nor should they be.”

Founded in 2015 and headquartered in Detroit, Michigan, Bankjoy demonstrated its Bankjoy API at FinovateFall 2016. The company has been on a tear in recent months, signing partnerships with three credit unions last month. And these partnerships are in addition to the deployments with two other FCUs that Bankjoy announced back in December. The Y-Combinator alum partnered with payments solution provider Payveris in February, leveraging the company’s suite of open APIs to add to the features like business payments and external account transfers to its offerings for credit unions.

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Three Credit Unions Sign Up for Bankjoy’s Mobile Banking Technology

Bankjoy_homepage_February2017

So, how many credit union deals did you land this week?

Finovate newcomer Bankjoy announced this week that three credit unions had agreed to deploy its mobile banking technology. The three FIs are CommunityWide FCU ($395 million) of South Bend, Indiana; Advantage Plus FCU ($125 million) of Pocatello, Idaho, and One Detroit CU ($35 million) of Detroit, Michigan. Bankjoy CEO Michael Duncan pledged that the company’s technology would “help them improve their member experience, increase efficiencies, and develop a foundation to more easily integrate future technologies.”

Bankjoy_stage_FF2016

CEO Mike Duncan (pictured left) demonstrating the Bankjoy API at FinovateFall 2016.

Each of the credit unions is seeking something a little different from Bankjoy. CommunityWide, for example, will be using the fintech company’s data marketing technology in addition to its mobile banking, billpay, and other solutions. Advantage Plus is reportedly considering deployment of Alexa-based, Bankjoy Voice, alongside its new home banking and mobile apps. One Detroit CIO John DiGaetano emphasized the ability of Bankjoy’s technology to support further platform enhancements. “It will also help us leverage technology to become a member service leader by providing the same suite of services provided at competing institutions,” DiGaetano said.

Specializing in bringing mobile banking functionality to credit unions, Bankjoy enables credit unions to offer their members a variety of mobile banking services ranging from billpay and check deposit to P2P money transfers. Bankjoy’s technology includes built-in financial goal management tools to help members save and budget better. The white-label solution also gives credit unions the ability to offer targeted loan products and incentives.

Founded in 2015 and headquartered in Troy, Michigan, Bankjoy demonstrated its API at FinovateFall 2016 last September. The company has raised $120,000 in seed funding and is a graduate of the Y Combinator program.

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