AB Digital Banking Conference: Tech Pros Show Their Stuff
The phenomenon of community financial institutions launching discreet digital brands is growing. Mike Duncan, Chief Executive Officer of Bankjoy, took his allotted time on stage to announce that Bankjoy now offers a set of tools that allows community FIs to launch such brands using the Bankjoy digital banking platform as the frontend.
According to Duncan, these digital-only extensions fall into three categories. The first is affinity banking, where the digital FI appeals to a narrow vertical segment. “There's a bank here in Texas that has launched a digital-only bank that serves frequent flyers,” said Duncan as an example. He said the second category is FIs that are trying to reach as wide a base as possible. He offered Chime as one example.