Detroit Fintech Bankjoy Expands Reach to 1M+ Members

Detroit-based digital banking provider Bankjoy has expanded its reach to more than 1 million members nationwide with the addition of three new credit unions to its platform.
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Detroit-based fintech company Bankjoy has expanded its reach to more than 1 million members. // Courtesy of Bankjoy
Detroit-based fintech company Bankjoy has expanded its reach to more than 1 million members. // Courtesy of Bankjoy

Detroit-based digital banking provider Bankjoy has expanded its reach to more than 1 million members nationwide with the addition of three new credit unions to its platform.

Bankjoy creates digital products that offer multiple features, while its banking API (Application Programming Interface) is designed to be a bridge between financial institutions and fintech organizations.

“Credit unions have a longstanding history of providing superior service, but they are also taking a more proactive approach to innovation, according to a recent study in PYMNTS.com,” says Michael Duncan, CEO of Bankjoy.

“In 2020, 12 percent of credit unions said they launched new products and services before their competitors, and nearly half (46 percent) say they were quick to innovate new solutions after observing market trends. This is an increase from 8 percent and 30 percent, respectively, in 2019.”

In recent weeks, Bankjoy has added:

  • Arapahoe Credit Union (ACU) in Colorado, with $150 million in assets and more than 11,000 members.
  • US Employees Federal Credit Union, founded in Oklahoma, with $192 million in assets and over 18,000 members.
  • Zia Credit Union in New Mexico, with $190 million in assets and more than 12,000 members.

“Despite our size, ACU has been consistently recognized as a leader in the state,” says Jason Salazar, vice president of operations at Arapahoe. “Bankjoy is the next step in our digital evolution, allowing us to stay ahead of our members’ expectations while also being cost-effective. We are particularly fond of the help we expect from their voice banking assistant, ‘Joy.’”

Michael LeForce, vice president of marketing for USE FCU, says, “Our mission is to provide services that go above and beyond our members’ expectations. Bankjoy is a natural fit to that. We look forward to working with them and the value it will provide our community.”

Bankjoy’s Duncan says, “We’re seeing consistent trends, as more credit unions like Arapahoe, USE FCU, Zia CU, and many others look to deliver a seamless digital experience, from mobile and online banking, e-statements, online account opening, online loan origination, and conversational AI. Driven largely by member demand, we expect to see a continued emphasis on better digital tools and stand ready to support these initiatives.”

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