Digital banking supplier Bankjoy introduced that its private finance platform JoyCompass is now deployed with 30 group monetary establishments.
Embedded instantly into customers’ digital banking expertise, JoyCompass is designed to assist increase monetary wellness whereas giving group monetary establishments helpful knowledge to assist them deepen consumer engagement.
Bankjoy made its Finovate debut at FinovateFall 2016 and most not too long ago demoed its expertise at FinovateFall 2023. Michael Duncan is Founder and CEO.
A 12 months after digital banking supplier Bankjoy launched its next-generation private finance platform, JoyCompass, the answer continues to see broad adoption by group banks and credit score unions. Designed to assist group monetary establishments (CFIs) increase development by way of consumer engagement, JoyCompass is embedded into customers’ digital banking expertise, supporting monetary wellness whereas offering CFIs with knowledge that helps them enhance consumer engagement and complete relationship worth. In the present day, Bankjoy introduced {that a} complete of 30 CFIs are actually utilizing the platform, together with Ellafi, CommunityWide, Benefit Plus, Statewide, Lewis Clark, OU FCU, and SIU CU, amongst others.
“Neighborhood monetary establishments have a novel alternative to distinguish themselves via digital banking experiences which can be private, proactive, and impactful. JoyCompass helps our purchasers do precisely that,” Bankjoy Co-Founder and CEO Michael Duncan mentioned.
Bankjoy famous that members utilizing JoyCompass’ spending evaluation performance skilled retention features of almost 10% (93% vs 83.8%). Members who created a objective utilizing JoyCompass noticed retention features of almost 15% (98.5% vs 83.8%), and members who created a price range utilizing JoyCompass skilled retention features of greater than 16% (100% vs 83.8%). These statistics, the corporate famous, imply deeper relationships with members and lowered churn.
“We had been in search of other ways to assist our members handle their funds,” mentioned Dillon Tardiff, VP of Advertising and Digital Merchandise at Ellafi Credit score Union. “Having JoyCompass inside our digital banking, powered by our personal knowledge, is simply phenomenal. Having it proper there is really easy, it helps members monitor objectives and make progress on no matter issues most, whether or not paying off debt, saving for maternity depart, or different life occasions.”
Bankjoy’s providing comes as monetary literacy continues to be an issue for a lot of customers. In keeping with a report from Accenture, 40% of consumers admit to missing primary monetary data, with 88% of Gen Z and Millennial customers saying they wish to develop their monetary literacy. Moreover, 72% of consumers worth personalization of their banking choices at the same time as many group monetary establishments stay unable to supply highly-personalized experiences.
In response to this, Bankjoy’s JoyCompass affords a complete monetary wellness platform that options customized schooling instruments, a monetary well being scoring system, and gamification methods to make difficult monetary ideas and concepts simpler to know.
“JoyCompass allows development by delivering on the unique mission that made group banking particular via the department, now achieved digitally: constructing significant, private relationships and serving to individuals succeed financially,” Duncan mentioned when the answer was launched in Might 2025. “JoyCompass solves the engagement problem via gamified monetary wellness instruments that members truly wish to use, delivering worth for customers and significant knowledge for monetary establishments. It creates a virtuous cycle that advantages each the consumer and the establishment.”
Bankjoy made its Finovate debut at FinovateFall 2016 and most not too long ago demoed its expertise at FinovateFall 2023, the place it confirmed how its platform helps neobank Panacea Monetary ship monetary providers for medical professionals. Based in 2015 and headquartered in Royal Oak, Michigan, Bankjoy additionally not too long ago introduced that 4 Corelation-core credit score unions have renewed their partnerships with the fintech over the previous three months. Bankjoy was acknowledged as the primary Corelation Licensed accomplice in 2021.
Picture by Nils Huenerfuerst on Unsplash
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