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  • Writer's pictureKelsie Papenhausen

Bankjoy Named “Best Digital Banking Platform” in 8th Annual FinTech Breakthrough Awards

DETROIT, Mich., March 19, 2024 — Leading digital banking provider, Bankjoy has been named a winner in the 8th annual FinTech Breakthrough Awards for the category, “Best Digital Banking Platform.” FinTech Breakthrough is an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market today.


For nearly a decade, the annual FinTech Breakthrough Awards has showcased the creativity, hard work and success of the most innovative companies and technologies in the financial services industry. This year’s awards program honors FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more.


As the recipient of the “Best Digital Banking Platform Award,” Bankjoy exemplifies a commitment to innovation and has rolled out several new products and feature enhancements to its client base. Among the new digital tools and features the company has launched in the last 12 months include:

-        Online Account Opening 2.0;

-        Business Banking 2.0;

-        Real-Time Fraud Monitoring and Prevention;

-        Built-In Account Aggregation;

-     Online Loan Applications;

-     Conversational AI and Phone Banking;

-        and more.


Bankjoy’s Online Account Opening 2.0 solution made the company a standout in this year’s FinTech Breakthrough Awards. Since launching Online Account Opening 2.0 in 2023, nearly half the company’s client base has gone live with the product, with many more planning to implement in 2024. With Bankjoy’s latest product, community banks and credit unions can optimize their deposit growth strategies without cannibalizing their existing deposit base.


Online Account Opening 2.0 empowers financial institutions of all sizes to improve the onboarding experience for members and customers, which reduces abandonment and increases conversion rates all while managing the cost of funds. Enrolling new customers and members is fast and easy thanks to the product’s 90-second onboarding process that verifies user identity through ID upload and selfie matching. Online Account Opening 2.0 also integrates seamlessly with core systems and allows financial institutions to easily tailor the onboarding workflow to their needs. Financial institutions can configure the onboarding workflow to include account funding, types of accounts, beneficiary or employment information, and more.


“Bankjoy provides modern digital tools to financial institutions of all sizes, supporting their digital transformation efforts and keeping customers satisfied. Competition for deposits is fierce, and if the economic outlook remains positive, demand for loans will rebound, which means shoring up deposits,” said Steve Johansson, Managing Director, FinTech Breakthrough in a press release. “Bankjoy helps any size institutions execute strategically-planned marketing campaigns that attract and convert new account holders, as well as deepen relationships with existing account holders, generating sustained deposit growth.”


“Given the demand for modern, intuitive digital banking solutions, Bankjoy has consistently maintained a forward-thinking approach when it comes to product innovation,” said Michael Duncan, CEO of Bankjoy. “We released a variety of products in 2023 and have already seen many clients make meaningful progress toward their growth goals with Online Account Opening 2.0. It is an honor to be named FinTech Breakthroughs’ ‘Best Digital Banking Platform’ and this award is a testament to our team’s dedication in supporting financial institutions throughout their growth journeys. We look forward to building on this momentum in 2024 and beyond.”


About Bankjoy

Detroit-based FinTech, Bankjoy, delivers modern banking technology, including mobile banking, online banking, and a banking API to banks and credit unions — big and small. The company prides itself on creating beautiful products with advanced features, simple navigation, modern look and feel, and world class user experiences shaped by talking to users. Bankjoy is backed by Curql Collective, Bessemer Venture Partners, Y Combinator, and CheckAlt. For more information, visit www.bankjoy.com.

 

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