Digital banking provider Bankjoy has announced the launch of its business banking platform, empowering its customers with the best tools to “help attract and drive loyalty among small businesses within their communities.”
Recently surpassing 1 million members with access to its platform, Bankjoy’s virtual banking solutions have experienced significant success. But there remains “a strong need for intuitive, modern digital tools for small businesses.”
In fact, the industry has seen “an uptick in new offerings as business owners and entrepreneurs increasingly expect the same digital conveniences they have come to crave as consumers,” the update revealed. Even non-banks such as Square have launched business banking services this year, “integrating its payroll tool, and allowing for loans to be quickly processed through a single account,” the announcement added.
These new services are “emerging also to support small businesses as they continue to recover from setbacks experienced during the pandemic.”
According to recent surveys, 60% of small businesses say they are “still struggling to pay business-related expenses, and roughly a quarter reported struggling to pay down loans or debt (26%), bills (25%), rent (25%) and employee wages (24%).”
In order to help financial institutions compete with services from Square and others, as well as deliver the digital tools SMBs need, Bankjoy’s latest business banking platform “equips financial institutions with a modern platform that drives loyalty among business members.”
Engineered by credit union executives and built specifically for community financial institutions, the platform’s Invoicing, Payroll, Company Formation, Wire Transfers and Entitlements features, “combined with a superior UX, helps businesses efficiently and effectively manage their finances.” Businesses save time “on the most mundane tasks and achieve business goals faster,” the announcement noted.
Mike Brown, VP of Product for Bankjoy, stated:
“Our partners have been asking for improved digital experiences for their local small business members. In response, we created Bankjoy Business Banking, a seamless expansion of our existing solutions, creating an expanded banking experience for businesses with more complex financial needs.”
Bankjoy CEO Michael Duncan, remarked:
“Small businesses have been demanding better digital banking capabilities for the better part of the last decade. In fact, 60% of business owners said they would switch financial institutions if they found one with superior offerings. But SMBs are not a monolith. Their needs vary, from payment processing to invoicing and so on.”
Duncan added:
“Financial institutions must be able to offer more than a generic platform with limited functionality while also ensuring an outstanding user experience. Our latest business banking offering achieves this, helping more banks and credit unions support small business owners within their communities and drive growth for local economies.”
Bankjoy provides modern banking tech, including mobile, online, e-statements, online account opening, online loan origination, and conversational AI “to banks and credit unions of all sizes.”
The firm’s platform features key integrations to easily upgrade the digital banking experience and offer useful products with “advanced features, simple navigation, and a modern look and feel.”
Detroit-based Fintech firm, Bankjoy, delivers modern banking technology, “including mobile banking, online banking, and a banking API to banks and credit unions — big and small.”
The firm says it creates “beautiful products with advanced features, simple navigation, modern look and feel, and world class user experiences shaped by talking to users.” Bankjoy is a Y Combinator- and CheckAlt-backed firm.