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.”
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.