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3 Credit Unions Implement Bankjoy’s Business Banking Platform

DETROIT--(BUSINESS WIRE)--Bankjoy, a digital banking provider, announced that three credit unions have expanded their relationship with Bankjoy and implemented its business banking platform to provide their business members with a best-in-class digital banking experience.

“Over the last 12 months, 43 percent of small businesses have increased their use of online banking services via computers or tablets, and 40 percent used more mobile banking services, according to Ernst & Young data”

Among the latest credit unions to select Bankjoy’s business banking platform are:

  • Mobility Credit Union, based in Irving, Texas with over $350 million in assets
  • Lafayette Federal Credit Union, based in Rockville, Maryland with over $1.6 billion in assets
  • SIU Credit Union, based in Carbondale, Illinois with over $465 million in assets

Bankjoy’s business banking platform is an expansion of the company’s current world-class digital banking solution, which includes comprehensive mobile and online banking features, online account opening, integrated online loan applications, and more. In addition to these robust digital features, Bankjoy’s business banking platform offers one portal for multiple business accounts, the ability to manage multiple users, control permissions, and send transfers to multiple recipients, as well as a dual approval process to reduce fraudulent activity. Earlier this year, Bankjoy was invited to demo its business banking platform at FinovateFall in New York City, a testament to the growing demand among businesses for better digital banking tools.

In response to this growing demand, Bankjoy has also recently expanded its business banking functionalities with several new features, including an admin transfer hub, which serves as a centralized location for financial institution administrators to manage transfers, and the ability to initiate and manage various ACH payment types. All of these features are designed with a superior UX, helping business members and account holders efficiently and effectively manage their finances.

“Our goal at Lafayette Federal is to serve our community’s financial needs and provide the best member experience possible by offering modern digital tools that make banking easy,” said Bryan Bast, Principal Vice President of Operations of Lafayette Federal. “We are thrilled to partner with Bankjoy and extend the same level of digital convenience we offer our retail members to our business members. By providing them with a superior digital banking experience, we can empower them to achieve their financial goals as a business.”

“Over the last 12 months, 43 percent of small businesses have increased their use of online banking services via computers or tablets, and 40 percent used more mobile banking services, according to Ernst & Young data,” said Michael Duncan, CEO of Bankjoy. “Clearly, a majority of businesses now expect to be able to engage with their financial institutions through digital channels and this is what Bankjoy’s business banking platform was designed to solve. Bankjoy is proud to collaborate with our credit union clients and help foster stronger relationships with the business members in their communities by introducing new and enhanced digital banking features designed to help their businesses grow.”