Bankjoy renews contract with 6 credit unions

By Edlyn Cardoza

After recently converting 16 credit unions to its end-to-end digital service ecosystem, Bankjoy has renewed with six additional credit unions, pointing to credit unions’ commitment to delivering superior, modern digital experiences.

Featuring a fast and seamless implementation process, Bankjoy’s modern banking technology continues to experience substantial growth. Its close integration with Corelation’s KeyStone core platform supports its rapid conversions. Bankjoy was recently named an official Corelation Certified Partner, recognising FinTechs that have successfully interfaced with its KeyBridge API and meeting Corelation’s guidelines. Credit unions who select core platforms that Bankjoy has integrated with its digital banking service have implemented Bankjoy in as little as 30 days with no disruption to member service.

Among the credit unions to renew with Bankjoy are:

• Georgia Heritage FCU, based in Georgia, with $118 million in assets and 12,950+ members
• One Detroit Credit Union, based in Michigan with $56 million in assets and 11,000+ members
• Advantage Plus FCU, based in Idaho with $136 million in assets and 15,000+ members
• SafeAmerica Credit Union, based in California with $500 million in assets and 35,000+ members
• Coca-Cola FCU, based in Georgia, with $199 million in assets and 14,000+ members
• CommunityWide FCU, based in Indiana, with $400 million in assets and 52,000+ members

Minority-led One Detroit Credit Union is one of the six credit unions to renew. Formed in 1935 as the Detroit Newspaper Industrial Credit Union, One Detroit served the people who worked in the newspaper industry. In the 1970s, it changed its name to be more inclusive of other industries such as radio, television, printing, and publishing. The credit union continued to expand, helping to fill the financial services gap within its communities. Today, it aims to unify the community of Detroiters by delivering outstanding services backed by modern banking technology like Bankjoy.

Joumana Mcdad, EVP, Chief Strategy & Innovation Officer of One Detroit, said, “We help people in our community who have been overlooked by the mainstream banking system by providing them with credible, fair and reasonably priced financial products and services. By working with Bankjoy, we are maintaining that commitment, ensuring that our members can bank how and when they want through the best digital tools available. We look forward to continuing our partnership with the Bankjoy team.”

“People of all ages prefer digital banking over in-person, but now there’s a large and growing customer segment that has no interest in branches at all, according to a survey from PwC. These digital natives now represent 32% of consumers,” says Michael Duncan, CEO of Bankjoy.

Additionally, nontraditional banking providers like retailers and automakers are gaining traction, especially among younger consumers. 57% of millennials and 64% of Gen Z have a financial account with a nontraditional institution, and 17% of those banking with nontraditional financial institutions now identify them as their primary institution, double from just a year ago.

“The increased interest in digital is not surprising, but financial institutions must keep pace with demand while also ensuring that their offerings are modern, seamless and deliver experiences that are not just consistent with, but better than their nontraditional bank competitors,” Duncan added. “To do so, credit unions like One Detroit and others are leveraging end-to-end digital service ecosystems to modernise the experience. As they continue to innovate, we are committed to supporting their journey towards digital transformation.”