Bankjoy

Bankjoy supplies a digital banking platform to community banks and credit unions, aiming to let smaller institutions offer consumer and business banking experiences comparable to those of large national banks. The consumer product set includes mobile applications and desktop portals, automated statements, conversational AI, security features and core-system integrations. The business banking product set covers permissions and roles auditing, payment and transfer management, and integrations with payroll, accounting and invoicing systems.

Additional modules include JoyCompass, a financial wellness and engagement product offering financial wellness scoring, savings goals, account aggregation, budgeting and multi-channel marketing tools; FraudSense, used for real-time fraud detection and reducing manual fraud investigation work; online account opening with photo ID face-matching verification and customizable workflows; online loan application workflows with white labeling; and Vertical Banking, which lets an institution launch a separately branded digital bank aimed at a specific niche audience without replacing its existing technology stack.

Business model

Bankjoy sells its digital banking software to financial institutions, which deploy it under their own brands to serve their consumer and business account holders.

Traction

The company reports more than 85 client financial institutions, over 1 million members served, more than 150 integrations, and a 4.8 app rating. Customer examples include Ellafi, which reported over 18% of members engaging with JoyCompass within 24 hours of launch; Taunton Federal Credit Union, which reported saving 1-2 hours per day on manual fraud investigations and stopping $55,000 in fraudulent transactions in the first six months of using FraudSense; CommunityWide Federal Credit Union, which deployed JoyCompass with Plaid to engage indirect lending members; and Panacea Financial, which launched a digital bank for physicians using Vertical Banking.