Oregon State Credit Union selects Bankjoy’s online account opening & online loan application to fuel continued growth
DETROIT, MICH (February 6, 2024) — Oregon State Credit Union has partnered with leading digital banking provider, Bankjoy to deliver a frictionless and intuitive onboarding experience for members, whether they are opening a new account or applying for a loan. Oregon State Credit Union will leverage Bankjoy’s standalone Online Account Opening and Online Loan Application product suite.
Originally founded in 1954, member-owned Oregon State Credit Union is a full-service not-for-profit financial cooperative with 15 locations now serving more than 142,000 members and managing over $2 billion in assets. The credit union is dedicated to creating financial solutions to make lives better for those who live or work in their field of membership through a careful blend of high-touch and high-tech offerings. To fulfill this vision and in keeping with its commitment to delivering unsurpassed member service, Oregon State Credit Union has selected Bankjoy’s Online Account Opening solution to drive new member acquisition and deposit growth.
Featuring an ultra-fast, 90-second onboarding process, Bankjoy’s Online Account Opening verifies a user’s identity through ID upload and selfie matching for secure and efficient account opening. The onboarding process is thoughtfully designed for mobile, online and in-branch channels, which gives members the option to enroll via their preferred device or channel. With Bankjoy, Oregon State Credit Union can easily customize the account opening experience by configuring workflows to include account funding, types of accounts, and more, providing the credit union with unmatched flexibility.
In addition to Online Account Opening, Oregon State Credit Union will implement Bankjoy’s Online Loan Application to provide prospective borrowers with an intuitive online and mobile loan application experience. As a result, potential borrowers can conveniently apply for a loan on their preferred device at any time, even outside of branch hours. Bankjoy’s Online Loan Application will allow the credit union to capture more loan opportunities and expand its market reach while offering a superior application experience.
Both of Bankjoy’s onboarding solutions directly integrate with Oregon State Credit Union’s current digital banking platform, NCR, which enables existing members to open additional accounts or apply for loans quickly and easily. Bankjoy also seamlessly integrates with the credit union’s core processing platform, Corelation KeyStone. This ensures a consistent, secure and intuitive UX for members across channels. Bankjoy’s tight integration with Corelation also means that loan applicant information is automatically sent and recorded to Oregon State Credit Union’s core system once an online application is submitted, streamlining the origination and approval process for borrowers.
“Our team at Oregon State Credit Union has been thoroughly impressed with Bankjoy’s product suite and we look forward to achieving our growth objectives with their thoughtfully-designed onboarding solutions,” said Kim Sather, Chief Information Officer for Oregon State Credit Union. “Bankjoy is proving to be an integral piece in our long-term digital transformation journey and they have already demonstrated a level of flexibility and responsiveness that make them more than a vendor, but instead a valued partner.”
“Generating steady deposit growth, as well as loan growth, while managing the cost of funds is challenging in today’s economic climate, where interest rates remain higher than usual. Meanwhile, fewer people are stepping foot into branches. One global survey reveals that more than 25% of consumers are unlikely to ever enter a physical branch again,” said Michael Duncan, CEO of Bankjoy. “This means digital onboarding channels are more important than ever and we are thrilled to empower Oregon State Credit Union with the necessary tech to continue on their impressive growth trajectory.”
Detroit-based FinTech, Bankjoy, delivers modern banking technology, including mobile banking, online banking, and a banking API to banks and credit unions — big and small. The company prides itself on creating beautiful products with advanced features, simple navigation, modern look and feel, and world class user experiences shaped by talking to users. Bankjoy is backed by Curql Collective, Bessemer Venture Partners, Y Combinator, and CheckAlt. For more information, visit www.bankjoy.com.