Mobile banking tech start-up Bankjoy signs two credit unions
Bankjoy, which was set up in 2015, says the two credit unions preferred its technology to that of other vendors as it “appeals best to young members”.
Tim Beeson, director of IT at Georgia Heritage FCU comments: “We’re in a college town [Savannah, Georgia] and need to target millennials.”
Bankjoy will provide Georgia Heritage FCU with most of its digital access technology, including online and mobile banking, bill pay, e-statements, and electronic account and loan applications. The bill payment module is a customised product built together with local payments vendor Payveris.
“The fewer vendors we deal with, the easier to integrate,” Beeson notes.
Bankjoy’s digital banking system and apps will integrate directly with the Keystone core banking system provided by another domestic provider, Corelation. Georgia Heritage FCU is Bankjoy’s first Corelation client.
At present, the credit union’s online loan applications “go into a queue and staff have to manually enter it into our system or at least massage it first,” Beeson explains.
“Now, it will go directly into the core and staff just has to approve it. That’s huge for us, automating the process,” he states.
Georgia Heritage FCU will also access Microsoft’s Azure cloud service platform for data back-up through Bankjoy, and is beta testing the firm’s voice user interface feature.
Wepawaug-Flagg FCU will use Bankjoy for mobile banking and deposit services, and will offer it to members from Q1 2017.
The credit union’s CEO Michael Hinchey says he’s been searching for a mobile vendor for some time. “I was a bit slow to respond to Bankjoy because they were new,” he admits, but the due diligence revealed the start-up’s technology was the best fit for the credit union’s needs, Hinchey says. He cites flexibility and an easy-to-use app among Bankjoy’s standout features.
The credit union is keen to “attract and retain the millennial generation”, Hinchey says. It will be well-positioned to do so with a new digital platform, he feels.
Bankjoy’s tech will be interfaced to Wepawaug-Flagg FCU’s NewSolutions core banking system, supplied by domestic vendor ShareOne.