Bankjoy provides digital banking solutions specifically designed for banks and credit unions. Their services cover a wide range of functionalities, including customer onboarding, mobile and online banking, and voice-activated services. The platform operates through a suite of integrated services, such as online loan origination and API solutions, which facilitate communication between different software systems. This allows financial institutions to easily add new features to their existing systems. Bankjoy differentiates itself from competitors by offering affordable pricing and a subscription-based model, which ensures that clients receive continuous updates and improvements. The main goal of Bankjoy is to help financial institutions modernize their digital interfaces and enhance customer satisfaction.

Fintech

Financial Services

Bankjoy

As regulators draw a bead on neobanks, traditional financial institutions are acting more like neobanks. Open banking looks set to transform financial services in the United States, and the approach, in contrast to what has been seen in Europe, is market-driven rather than government-driven. A spate of announcements has served to highlight digital innovations that are changing the ways accounts can be opened and bundled with other offerings that go beyond direct deposit. In other words, the age-old practice of walking into branches to get onboarded into a bank’s client base or take advantage of new services added on to new accounts is becoming increasingly reliant on digital workflows

Traditional Banks Go Digital As Neobanks Face Regulatory Heat

The digital transformation of banking continues to reshape how financial institutions (FIs) are meeting the evolving expectations of consumers. And central to this evolution are partnerships, which play a pivotal role in enhancing customer experiences and streamlining financial processes.A recent collaboration between Bankjoy, a provider of digital banking solutions for banks and credit unions across the U.S., and Pinwheel, a FinTech company specializing in digital deposit switching (DDS), exemplifies this trend.The partnership represents a significant step towards revolutionizing the process of setting up direct deposits, a process traditionally known for its paperwork-heavy nature and time-consuming procedures. Pinwheel’s digital deposit switching solution, Pinwheel Prime, now offers a seamless platform for users to manage their direct deposits efficiently, enabling them to switch, track, and manage their income streams effortlessly.At the heart of this collaboration lies the recognition of the growing demand for frictionless banking experiences. As consumers increasingly embrace digital channels for their financial transactions, FIs are under pressure to innovate and offer solutions that meet the expectations of today’s tech-savvy customers.“Banks are starting to realize the speed at which technology has changed the world,” James Butland, vice president of payments and U.K. managing director at Mangopay, recently told PYMNTS for the series “What’s Next in Payments: What is a Bank? The Changing Landscape of Banking and Financial Services.”“The challenge that a traditional bank has, is that they sit on 150, 200 years of legacy infrastructure and probably 60 years of legacy technology. So, banks have found it difficult to innovate quickly,” Butland explained.Consequently, this challenge has spurred a broader trend within the digital banking landscape — the convergence of technology and financial services to deliver enhanced value propositions

Banks Leverage Fintech Partnerships To Ride Digital Transformation Wave

Bankjoy customers can achieve account primacy by eliminating the friction that causes 90% of users to drop off. The Pinwheel Prime platform allows consumers to set up their direct deposit in seconds.DETROIT, April 16, 2024 /PRNewswire/ -- Bankjoy , a leading digital banking provider for banks and credit unions across the U.S., has announced its partnership with Pinwheel , a fintech that helps financial institutions win primacy with frictionless account activation.Through the partnership, Bankjoy will help its customers easily integrate the industry's most advanced digital deposit switching (DDS) solution, Pinwheel Prime , into the digital banking experiences for over 70 banks and credit unions nationwide. Customers of banks or credit unions that use Bankjoy can take advantage of Pinwheel Prime's two-click deposit switch, transforming a multi-step process requiring customers to leave the bank experience into a fully integrated digital journey that takes mere seconds.Bankjoy's customers can integrate the most advanced digital deposit switching (DDS) solution Pinwheel Prime. Post thisDrawing on Pinwheel's success with applications like Cash App, which saw a significant increase in direct deposits in a challenging liquidity environment, Bankjoy aims to provide similar advantages to credit unions and community banks. This collaboration allows these institutions to compete effectively by offering an easy and fast deposit switch option.Pinwheel's research shows that the speed and ease of deposit switching powered by Pinwheel's solutions can help financial institutions grow direct deposit enrollment by 32% and lower the time it takes a customer to make their first direct deposit by 65%.Financial institutions have long burdened customers with manual, paper-based deposit-switching experiences, creating friction and exposing them to fraud vulnerabilities. Even solutions that offer digital set-up experiences often require consumers to manually look up their payroll provider and input additional information, leading to a staggering 90% drop-off

Bankjoy + Pinwheel Partnership Gives Banks And Credit Unions Easy Access To The Industry'S Most Advanced Digital Deposit Switching Solution, Pinwheel Prime

DETROIT--(BUSINESS WIRE)--Emporia State Federal Credit Union has launched its newly updated online and mobile banking app, powered by Bankjoy, a leading digital banking provider. Upon going live in February 2024, more than 25% of the credit union’s members enrolled in the new digital banking platform within the first 48 hours of going live. Founded in 1937 in Emporia, KS, Emporia State Federal Credit Union (ESFCU) has built its reputation around improving members’ lives with the financial tools they need for today, tomorrow, and for their future. Known as “the educated choice in financial services,” ESFCU has steadily grown over the years, reaching over $130 million in assets while adding new products and services to serve its membership. To elevate its members’ digital banking experience, ESFCU chose to partner with Bankjoy in November 2023 and has officially gone live with its new online and mobile banking platform. To date, over 50% of the credit union's members are actively enrolled in the new online and mobile banking applications from Bankjoy

Emporia State Federal Credit Union Launches New Online  Mobile Banking App, Powered By Bankjoy

Toronto-based lender Fig Financial says its personal loan service is now open to all Canadians. “We are providing a true alternative to banks for every Canadian who needs better lending options. And we are doing what the banks won’t: making this experience entirely online,” Francois Cote, CEO, Fig Financial, said in a news release Tuesday (July 9). “If you need to cover unexpected bills and expenses, make home improvements, or pay off your debt faster — whether it’s 3pm or 3am — Fig is available to you.”. According to the release, Fig has helped provide upwards of Can$135 million in funding to more than 9,000 people via various partnerships. Now, the company’s service is accessible directly to consumers

Fig Financial Launches Personal Loan Service In Canada

DETROIT-(BUSINESS WIRE)-Missouri Central Credit Union has selected Bankjoy's award-winning digital banking platform as well as the company's proven Online Account Opening solution to acquire and onboard new members.

Missouri Central Credit Union Selects Bankjoy's Award-Winning Digital Banking Platform & Online Account Opening Solution

Panacea Financial and Bankjoy were recognized as finalists in the Finovate Awards' "Best Fintech Partnership" category.

Bankjoy & Panacea Financial Named Finalists in 2024 Finovate Awards for "Best Fintech Partnership"

Bankjoy and Pinwheel have partnered to help financial institutions offer their customers a frictionless way to set up their direct deposit. With this collaboration, Bankjoy will help its bank and credit union clients integrate Pinwheel’s digital deposit switching (DDS) solution, Pinwheel Prime, the companies said in a Tuesday (April 16) press release. “Removing the friction during the deposit switching setup process is a major step towards achieving account primacy, quickly becoming one of the most important factors for banks and credit unions looking to grow their revenue,” Weiwei Duncan, chief operating officer at Bankjoy, said in the release

Bankjoy And Pinwheel Partner To Simplify Direct Deposit Setups

DETROIT, March 21, 2024-(BUSINESS WIRE)-Emporia State Federal Credit Union has launched its newly updated online and mobile banking app, powered by Bankjoy, a leading digital banking provider.

Emporia State Federal Credit Union Launches New Online & Mobile Banking App, Powered by Bankjoy

Leading digital banking provider for banks and credit unions across the U.S., Bankjoy and Pinwheel, a fintech that helps financial institutions win primacy with frictionless account activation, has announced its partnership.Through the partnership, Bankjoy will help its customers easily integrate the industry’s most advanced digital deposit switching (DDS) solution, Pinwheel Prime, into the digital banking experiences for over 70 banks and credit unions nationwide. Customers of banks or credit unions that use Bankjoy can take advantage of Pinwheel Prime’s two-click deposit switch, transforming a multi-step process requiring customers to leave the bank experience into a fully integrated digital journey that takes mere seconds.Drawing on Pinwheel’s success with applications like Cash App, which saw a significant increase in direct deposits in a challenging liquidity environment, Bankjoy aims to provide similar advantages to credit unions and community banks. This collaboration allows these institutions to compete effectively by offering an easy and fast deposit switch option.Pinwheel’s research shows that the speed and ease of deposit switching powered by Pinwheel’s solutions can help financial institutions grow direct deposit enrollment by 32% and lower the time it takes a customer to make their first direct deposit by 65%.Financial institutions have long burdened customers with manual, paper-based deposit-switching experiences, creating friction and exposing them to fraud vulnerabilities. Even solutions that offer digital set-up experiences often require consumers to manually look up their payroll provider and input additional information, leading to a staggering 90% drop-off. To eliminate this friction, Pinwheel is growing a robust proprietary payroll provider network, including partners like OneSource Virtual (OSV), making it possible to instantly identify and authenticate U.S. workers’ payroll records directly within the bank account application workflow

Bankjoy And Pinwheel Partner

Provides digital banking solutions for financial institutions

Bankjoy

Provides digital banking solutions for financial institutions

Bankjoy

Provides digital banking solutions for financial institutions

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