6 credit unions are renewed with Bankjoy after successful conversion

by James · July 11, 2022

As consumers rapidly change how and where they bank, Credit unions maintain the commitment to modernized digital experiences

DETROIT – (BUSINESS WIRE) – Having recently converted 16 credit unions into its end-to-end digital service ecosystem, Bankjoy has renewed with six additional credit unions, highlighting the commitment of credit unions to deliver superior, modern digital experiences.

With a fast and seamless implementation process, Bankjoy’s modern banking technology continues to experience significant growth. Supporting its rapid conversions is its close integration with Corelations KeyStone core platform. Bankjoy was recently named an official Corelation Certified Partner, recognizing fintechs that have succeeded in interfacing with their KeyBridge API, as well as meeting Corelation’s guidelines. Credit unions that choose core platforms that Bankjoy has integrated with its digital banking service have implemented Bankjoy in as little as 30 days without interruption in member services.

Among the credit unions to be renewed with Bankjoy are:

Georgia Heritage FCUbased in Georgia with $ 118 million in assets and 12,950+ members
A Detroit Credit Unionbased in Michigan with $ 56 million in assets and 11,000+ members
Advantage Plus FCUbased in Idaho with $ 136 million in assets and 15,000+ members
SafeAmerica Credit Unionbased in California with $ 500 million in assets and 35,000+ members
Coca-Cola FCUbased in Georgia with $ 199M in assets and 14,000+ members
Community-wide FCUbased 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 be renewed. One Detroit was formed in 1935 as the Detroit Newspaper Industrial Credit Union, and served the people who worked in the newspaper industry. In the 1970s, it changed its name to be more inclusive for other industries such as radio, television, printing and publishing. The credit union continued to expand, helping to fill the gap with financial services in local communities. Today, it aims to unite the community of Detroiters by providing outstanding services supported by modern banking technology such as Bankjoy.

Joumana Mcdad, EVP, Chief Strategy & Innovation Officer, at One Detroit, said: “We help people in our community who have been overlooked by the regular banking system by providing them with credible, fair and affordable financial products and services. By partnering with “We maintain this commitment and ensure that our members can tap how and when they want through the best digital tools available. We look forward to continuing to work with the Bankjoy team.”

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

In addition, non-traditional banking providers such as dealers and car manufacturers are gaining traction, especially among younger consumers. In fact, 57% of millennials and 64% of Gen Z have a financial account with a non-traditional institution, and 17% of the banks with non-traditional financial institutions now identify them as their primary institution, twice as many as just a year ago.

“The growing interest in digital is not surprising, but financial institutions need to keep up with demand while ensuring that their offerings are modern, seamless and deliver experiences that are not only consistent with, but better than, their untraditional banking competitors,” Duncan added. . “To do so, credit unions such as One Detroit and other end-to-end digital service ecosystems are leveraging to modernize the experience. As they continue to innovate, we are committed to supporting their journey toward digital transformation.”