Michigan-based Bankjoy announced a pair of new credit union partners late last week. The company, which enables credit unions and community banks to offer their members and customers a variety of mobile banking and online banking solutions, will work with both CACL Federal Credit Union of Pottsville, Pennsylvania, and SIU Credit Union of Carbondale, Illinois, to help them add new members and enhance the experience for current customers.
“As digital demands continued to rise – as well as fraud – within the credit union industry because of COVID-19, we are pleased to provide our technology offerings to meet these growing demands at SIU and CACL,” Bankjoy CEO Michael Duncan said. “Having these progressive tools to make online processes more efficient and user friendly enhances the value of credit unions not only right now but for the foreseeable future, as well.”
CACL FCU, with 11,600 members and $146 million in assets, will leverage its new relationship with Bankjoy to boost its membership base by offering more mobile options. “We were blown away by the layout and advancements within the platform compared to the competition,” CACL FCU COO Joshua Burgess said in a statement. Burgess also praised Bankjoy’s voice banking solution Joy, which he called a “huge selling point.”
Bankjoy’s online and mobile solutions are equally likely to make a big impact with the even-larger SIU CU – which boasts 40,800 members and $344 million in assets.
These deals reflect a resumption of Bankjoy’s aggressive, partner-making pace from earlier this year. In April alone, the company announced that it was working with seven different credit unions representing 87,000+ members and more than $1 billion in assets combined. Also this spring, Bankjoy hosted a COVID-19 Online Summit to help address the impact of the global health crisis on the credit union industry.
“Our COVID-19 Online Summit was a very transparent event for credit union executives to freely exchange ideas and help each other,” Duncan told CU Times. “We’re all looking for more information to stay in front of this crisis and when you can get it from a peer that’s always a good thing.”
The global health crisis has been hard on credit union members, as well. The impact of COVID-19 on those who rely on credit unions for their banking was the focus of a Gallup study earlier this year. The survey revealed that credit union members were feeling more disruption in their financial lives due to the pandemic compared to the national average (76% versus 70%). The data also showed a significant increase in the number of credit union members who characterized their financial wellbeing as “struggling” or “suffering”.
Many of the recommendations – helping increase peace of mind, building hope, and reducing unnecessary stress – mirror those suggested by other financial institutions looking for ways to help their customers during the fight against the coronavirus.