Michigan-based digital banking solution provider Bankjoy is ending the year with three new credit union partners. The company, which demonstrated its API at FinovateFall 2016, announced this week that three credit unions in Indiana and Texas with a combined $500+ million in assets and more than 50,000 members, will join its technology ecosystem of online and mobile banking solutions.
The credit unions teaming up with Bankjoy are Mobility CU and Las Colinas FCU – both of Irving, Texas – as well as Fort Financial CU of Fort Wayne, Indiana. Mobility CU has $223 million in assets and 16,500 members. Las Colinas FCU has $73 million in assets and 9,800 members. Fort Financial CU has $237 million in assets and 26,800 members.
Las Colinas’ FCU President/CEO Kevin Scott noted that the ability to deliver a robust mobile experience to members was a key factor in partnering with Bankjoy. The mobile experience, he said, must be able keep up with what customers are already enjoying from platforms like Amazon and Google if credit unions expect to compete. In that regard, Scott explained, “Bankjoy’s vision for their digital platform is closely aligned with our own.”
Bankjoy CEO Michael Duncan added that the company’s technology is designed to help credit unions succeed “today and well into the future, as products, services, and platforms continue to evolve at a rapid pace.” Bankoy’s platform offers online and mobile banking with built-in financial goal management, and the company’s marketing technology enables firms to issue highly-relevant advertising and information to customers and members across all digital channels. This includes voice, which Duncan recently demonstrated during a segment on CU Broadcast.
Mobility CU President/CEO Ron Perry specifically highlighted this aspect of the partnership, and said he looked forward to integrating with Amazon Alexa and Google Home. Perry also pointed to the opportunity to grow deposits and loans by leveraging Bankjoy’s account opening and loan application processing technology.
Founded in 2015, Bankjoy made its Finovate debut a year later at FinovateFall. Headquartered in Royal Oak, Michigan, the company offers an advanced banking API that enables financial institutions from flagship banks to credit unions to offer digital onboarding, mobile and online banking, online loan origination, and conversational AI-enabled services.
In addition to the partnerships announced this week, Bankjoy teamed up with financial literacy specialist Zogo Finance in November to help credit unions better attract Generation Z customers. Also that month, Bankjoy announced that Pyramid FCU, Cooperative Teachers FCU, and Mutual 1st FCU – with a combined $382 million in assets and 34,8000 members in Arizona, Texas, and Nebraska – would join its technology ecosystem.