Millennial minded credit unions select Bankjoy
DETROIT, MI (December 9, 2016) — Fintech company Bankjoy announced new partnerships with the $90 million Georgia Heritage Federal Credit Union of Savannah, Ga., and the $110 million Wepawaug-Flagg Federal Credit Union of Hamden, Conn.
Both credit unions said they chose Bankjoy over other vendors because the millennial-managed firm offers technology that appeal best to young members.
“We’ve applied our millennial research – including focus groups that interacted with several mobile banking apps – to create digital banking services that produce the best brand experience for credit union members,” said Michael Duncan, Bankjoy CEO.
Bankjoy will provide Georgia Heritage with most of its digital access technology, including online and mobile banking, bill pay, estatements, and electronic account and loan applications.
“The fewer vendors we deal with, the easier to integrate,” said Tim Beeson, director of information technology at Georgia Heritage. “They work well with third parties, and I want to leverage those relationships. It means less vendor management for me.”
Bankjoy partnered with Payveris to provide a customized bill pay product to credit unions.
“As credit unions serve defined and unique fields of membership, we believe creating a custom technology package for each client is essential,” Duncan said. He added that Bankjoy’s REST-based banking API provides flexibility to customize technology based on credit union need and its core system.
Georgia Heritage’s digital member and loan apps will be developed by Bankjoy and will directly integrate to the Corelation core. The credit union is Bankjoy’s first Corelation client.
“Our current online loan applications go into a queue and staff have to manually enter it into our system or at least massage it first. Now, it will go directly into the core and staff just has to approve it. That’s huge for us, automating the process,” Beeson said.
Georgia Heritage will also access Microsoft’s Azure cloud service platform for data backup through Bankjoy, and is beta testing the firm’s voice user interface feature.
Bankjoy’s voice user interface is also supported by its API, which it presented at Finovate’s fall showcase in New York in September.
Beeson said Bankjoy’s seamless mobile and online services were also very appealing to his credit union.
“Mobile optimization is important. You can go from a tablet to a phone to a regular PC, and the display doesn’t change from one device to the next,” he said. “We’re in a college town and need to target millennials.”
Georgia Heritage has a community charter that serves Effingham, Chatham and Bryan counties, and is home to Armstrong State University, Savannah State University, Savannah College of Art and Design, Mercer University, Savannah Technical College, South University and others.
Wepawaug-Flagg FCU selected Bankjoy’s mobile banking and deposit services, and will offer it to members for the first time next quarter. CEO Michael Hinchey said he had been searching for a mobile vendor for some time.
“I was a bit slow to respond to Bankjoy because they were new, but after we performed all the required due diligence, we discovered they did provide the best leading edge tech with the flexibility to given members what they needed in an easy to use app,” he said, adding, “It was a relatively easy choice in the end.”
The Hamden, Conn.-based Wepawaug-Flagg had a multiple SEG charter, primarily serving teachers and municipal employees, with two colleges in its field of membership. Last year, it expanded to a community charter.
“This means a lot because our credit union, while 80 years old, is looking to how it’s going to develop and serve members over the next 80 years. Our membership needs to get younger, and they require electronic access. This positions us well for attracting and retaining the millennial generation,” he said.
Wepawaug-Flagg runs on ShareOne’s NewSolutions core system.