• Bankjoy, a digital banking provider for banks and credit unions, announced a partnership with Pinwheel this week.
• Bankjoy will help its more than 70 bank and credit union customers integrate Pinwheel’s digital deposit switching (DDS) solution, Pinwheel Prime.
• Pinwheel Prime has been credited with increasing direct deposit enrollment by 32%.

Digital banking provider Bankjoy has partnered with Pinwheel to help financial institutions remove friction from the account activation process.

Via the partnership, Bankjoy will enable its 70+ bank and credit union customers to integrate Pinwheel’s digital deposit switching (DDS) solution, Pinwheel Prime. Pinwheel Prime offers a two-click deposit switch that enables customers to set up their direct deposit in seconds rather than dealing with a multi-step process that requires customers to exit the banking experience.

“By seamlessly integrating from Bankjoy online account opening through various tightly-knit third-party integrations like Pinwheel, we can equip our clients to excel in the competitive deposit market,” Bankjoy COO Weiwei Duncan said. “Our goal is clear: to ensure that our clients not only compete but win the deposit war, leveraging technology to streamline processes and enhance user engagement.”

According to research from Pinwheel, solutions that make deposit switching faster and easier can significantly impact deposit growth. Pinwheel’s own deposit switching technology can enable FIs to boost direct deposit enrollment by 32%, and reduce the amount of time before a customer makes their first direct deposit by 65%.

“With this collaboration, we can bring the ability to easily switch direct deposit settings to an even wider set of consumers, facilitating a fairer financial systems with greater choice and portability,” Pinwheel Co-founder and CEO Kurtis Lin said.

Headquartered in New York and founded in 2018, Pinwheel began the year teaming up with Finovate alum Jack Henry to imbed its direct deposit switching (DDS) solution into Jack Henry’s Banno Digital Toolkit. Pinwheel has raised $77 million in funding according to Crunchbase, and includes Indeed and Franklin Templeton among its investors.

A Finovate alum since 2016 , Bankjoy most recently demoed its technology at FinovateFall last year. At the conference, the company, in partnership with Panacea Financial, showing how the fintech helped the digital neobank provide financial services to medical professionals.

So far this year, Bankjoy has added two new financial institutions to its customer base: Oregon State Credit Union, which teamed up with Bankjoy in February, and Emporia State Federal Credit Union, which partnered with Bankjoy in March. Oregon State CU ($2+ billion in assets; 142,000+ members) will deploy Bankjoy’s online account opening solution as part of its strategy to fuel new member acquisition and grow deposits. Emporia State FCU, headquartered in Emporia, Kansas, launched its online and mobile banking app in March courtesy of its partnership with Bankjoy. Emporia State FCU has more than $130 million in assets and 7,800+ members.

Founded in 2015 , Bankjoy is headquartered in Royal Oak, Michigan.

Photo by Min An

• Digital banking provider Bankjoy announced an integration with Fiserv Portico, a full-service account processing system.
• The integration will enable credit unions working with Fiserv Portico to offer their members an online and mobile banking experience with a modern, intuitive UX.
• Headquartered in Detroit, Michigan, Bankjoy most recently demoed its technology at FinovateFall 2022.

Michigan-based digital banking provider Bankjoy has integrated with Fiserv Portico, a full-service account processing system. The integration will enable credit unions using Fiserv Portico to offer an online and mobile banking experience that will attract new members and deepen current member engagement.

“Investing in a truly cutting-edge digital banking solution can seem out-of-reach for institutions without extensive engineering resources and IT budgets,” Bankjoy CEO Michael Duncan said. “Our integration with Fiserv Portico aims to solve this by giving credit unions more flexibility to roll out the digital banking features that today’s members expect in the most efficient and cost-effective way possible.”

Founded in 2015 and built by credit union executives, Bankjoy gives credit unions the ability to offer a wide range of contemporary banking services. These services include both mobile and online banking, e-statements, online account opening, online loan origination, conversational AI, and more.

“Ongoing digital transformation over the last decade has accelerated the need for financial institutions of all sizes to deliver a state-of-the-art digital banking experience,” Duncan said. “Their success as an institution depends on this.” He added that, according to research from McKinsey & Company, the top performing financial institutions receive an average of 24-28 digital banking log-ins per account holder every month. These digital banking customers are driving revenue growth by an average of 10% to 15% each year.

Bankjoy most recently demoed its technology at FinovateFall 2022 in New York. At the conference, the company showed how its Business Banking Platform provides SMEs with a single portal for multiple business accounts, and enables them to manage multiple users, control permissions, send transfers to multiple recipients, and more.

In addition to the company’s integration with Fiserv Portico, Bankjoy has also secured out-of-the-box integrations with third-party partners ranging from Allied Payments and Savvy Money to Vertifi and UrbanFT. This week’s integration news comes a month after Bankjoy announced securing new funding in a round led by Curql Collective. Terms of the investment were not disclosed. Duncan said that the capital will help the company “help more community financial institutions thrive in an increasingly competitive environment.”

Photo by Anon

• Michigan-based banking solutions provider Bankjoy announced 16 new credit union partners.
• Combined, credit unions represent more than 350,000 members and more than $3.3 billion in assets
• The partnership news follows the company’s launch of a new small business banking platform.

Digital banking solutions provider Bankjoy has added 16 credit unions to its digital service ecosystem. The new partners combined represent more than 350,000 members and more than $3.3 billion in assets. Additionally, they serve members in states ranging from New Mexico, Texas, and Nevada, to Ohio, Illinois, and Alaska.

The credit unions newly partnering with Bankjoy include:

• Cooperative Teachers Credit Union
• Directions Credit Union
• Elko FCU
• Estacado FCU
• Firelands FCU
• Fremont FCU
• Glass City FCU
• Impact Credit Union
• Las Colinas FCU
• Lone Star Credit Union
• Midwest Community FCU
• OU FCU
• Streator Onized Credit Union
• Trius FCU
• True North FCU
• Pyramid FCU

“Credit unions like Estacado, Cooperative Teachers Credit Union and others are partnering with fintechs like Bankjoy to provide modern digital banking platforms that keep pace with members’ needs,” Bankjoy CEO Michael Duncan said. He highlighted growth in deposits in credit unions across the country, adding “as these trends continue, we’re adding more credit unions to our platform and look forward to helping them deliver a superior experience.”

Bankjoy’s partnership news comes in the wake of the company’s addition of a modern business banking platform to its offering. The platform, introduced in December, gives banks the tools its small business customers need and include solutions for invoicing, payroll, company formation, wire transfers, and entitlements.

Headquartered in Detroit, Michigan, and founded in 2015, Bankjoy also reported late last year that it had been chosen as the first official Corelation Certified Partner. The partnership enables credit unions who use Corelation’s Keystone core to efficiently integrate with Bankjoy. It also makes it easy for Bankjoy’s credit union partners to migrate their core to Corelation without disrupting the member experience.

“To support the credit union movement, it is critical for fintechs to partner with likeminded organizations who are committed to a member-centric approach,” Duncan said. “Our collaboration with Corelation has been incredibly successful, delivering tremendous value to credit unions.”

A Finovate alum since 2016, Bankjoy has raised $1.8 million in funding from investors including SixThirty and CheckAlt.

Photo by Quang Anh Ha Nguyen from Pexels

With a combined membership of more than 55,000 and a total of more than $760 million in assets, three credit unions have announced partnerships with digital banking solution provider Bankjoy.

The firms are Fort Community Credit Union, headquartered in Fort Atkinson, Wisconsin; Alltrust Credit Union (formerly Southern Mass Credit Union) based in Fairhaven, Massachusetts; and Statewide Federal Credit Union, headquartered in Starkville, Mississippi.

“We couldn’t ask for a better way to start 2021, signing these three progressive credit unions,” Bankjoy CEO Michael Duncan said. “Since we are now officially in the digital age thanks to the pandemic, these credit unions are now poised to hit the ground running with our most advanced online, mobile, and voice banking technologies. We are excited to see how they will perform and how their members will take advantage of these new offerings.”

Founded in 2015 and making its Finovate debut a year later at FinovateFall in New York, Bankjoy provides financial institutions with a variety of digital banking solutions ranging from mobile / online banking, and e-statements to online account opening and loan origination, as well as access to conversational AI-based products. From flagship banks to credit unions, Bankjoy offers an out-of-the-box alternative to outmoded legacy systems that prevent banks and credit unions from being able to meet the rising digital expectations of their customers and members.

“Bankjoy will improve our credit union’s digital banking solution and offer an experience that is in line with our members expectations,” Alltrust Credit Union Vice President of Operations Stephanie Medeiros said. “Our partnership with Bankjoy will allow us to maintain our commitment to our members while delivering the latest digital technology.”

“The Bankjoy solution will allow our members to access and manage their account from anywhere,” Statewide Federal Credit Union CEO Casey Bacon added. “They will have access to all of the conveniences of modern banking at their fingertips.”

Headquartered in Troy, Michigan, Bankjoy has raised $1.8 million in funding from investors including SixThirty and CheckAlt. The company is an alum of the Y Combinator incubator program.

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