- Digital banking provider Bankjoy announced that its personal finance platform JoyCompass is now deployed with 30 community financial institutions.
- Embedded directly into users’ digital banking experience, JoyCompass is designed to help boost financial wellness while giving community financial institutions valuable data to help them deepen client engagement.
- Bankjoy made its Finovate debut at FinovateFall 2016 and most recently demoed its technology at FinovateFall 2023. Michael Duncan is Founder and CEO.
A year after digital banking provider Bankjoy introduced its next-generation personal finance platform, JoyCompass, the solution continues to see broad adoption by community banks and credit unions. Designed to help community financial institutions (CFIs) boost growth via client engagement, JoyCompass is embedded into users’ digital banking experience, supporting financial wellness while providing CFIs with data that helps them increase client engagement and total relationship value. Today, Bankjoy announced that a total of 30 CFIs are now using the platform, including Ellafi, CommunityWide, Advantage Plus, Statewide, Lewis Clark, OU FCU, and SIU CU, among others.
“Community financial institutions have a unique opportunity to differentiate themselves through digital banking experiences that are personal, proactive, and impactful. JoyCompass is helping our clients do exactly that,” Bankjoy Co-Founder and CEO Michael Duncan said.
Bankjoy noted that members using JoyCompass’ spending analysis functionality experienced retention gains of nearly 10% (93% vs 83.8%). Members who created a goal using JoyCompass saw retention gains of nearly 15% (98.5% vs 83.8%), and members who created a budget using JoyCompass experienced retention gains of more than 16% (100% vs 83.8%). These statistics, the company noted, mean deeper relationships with members and reduced churn.
“We were looking for different ways to help our members manage their finances,” said Dillon Tardiff, VP of Marketing and Digital Products at Ellafi Credit Union. “Having JoyCompass within our digital banking, powered by our own data, is just phenomenal. Having it right there is so easy, it helps members track goals and make progress on whatever matters most, whether paying off debt, saving for maternity leave, or other life events.”
Bankjoy’s offering comes as financial literacy continues to be a problem for many consumers. According to a report from Accenture, 40% of customers admit to lacking basic financial knowledge, with 88% of Gen Z and Millennial consumers saying they would like to expand their financial literacy. Additionally, 72% of customers value personalization in their banking options even as many community financial institutions remain unable to offer highly personalized experiences.
In response to this, Bankjoy’s JoyCompass offers a comprehensive financial wellness platform that features personalized education tools, a financial health scoring system, and gamification strategies to make challenging financial concepts and ideas easier to understand.
“JoyCompass enables growth by delivering on the original mission that made community banking special through the branch, now accomplished digitally: building meaningful, personal relationships and helping people succeed financially,” Duncan said when the solution was launched in May 2025. “JoyCompass solves the engagement challenge through gamified financial wellness tools that members actually want to use, delivering value for users and critical data for financial institutions. It creates a virtuous cycle that benefits both the client and the institution.”
Bankjoy made its Finovate debut at FinovateFall 2016 and most recently demoed its technology at FinovateFall 2023, where it showed how its platform is helping neobank Panacea Financial deliver financial services for medical professionals. Founded in 2015 and headquartered in Royal Oak, Michigan, Bankjoy also recently announced that four Corelation-core credit unions have renewed their partnerships with the fintech over the past three months. Bankjoy was recognized as the first Corelation Certified partner in 2021.
Photo by Nils Huenerfuerst on Unsplash
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