One Detroit Credit Union, with $56 million in assets and 11,000+ members, announced today that it will launch a new mobile banking app with its long-standing partner and digital banking provider Bankjoy.
Mobile banking 2.0 represents a significant upgrade to the credit union’s current mobile banking platform. Both based in Detroit, One Detroit Credit Union has partnered with Bankjoy for its online and mobile banking technology since 2017 and is continuing that partnership to elevate the member experience and expand services to underserved residents.
Created by credit union executives, Bankjoy delivers modern banking technology, including mobile, online, e-statements, online account opening, online loan application, and conversational AI to banks and credit unions of all sizes. The platform features cutting-edge integrations to quickly upgrade the digital baking experience and provide beautiful products with advanced features, simple navigation, and a modern look and feel. Additionally, Bankjoy streamlines payments, including A2A and P2P, to deliver a true, end-to-end digital service ecosystem.
Among the credit union’s upgrades, which will immediately be available to members when the app launches, are:
- Streamlined user experience design, making it simple for members to manage their accounts
- A weekly spending widget to help with household budgeting
- Ability to block or unblock a debit card in the app
- Upgrades to the loan features, giving members more power to manage loan payments
- Members currently using online and mobile banking will be able to keep their existing login when the new app launches.
Minority-led One Detroit Credit Union is one of six credit unions to recently renew its partnership with Bankjoy. Formed in 1935 as the Detroit Newspaper Industrial Credit Union, One Detroit initially served people who worked in the newspaper industry. In the 1970s, it changed its name to be more inclusive of other industries such as radio, television, printing and publishing. The credit union continued to expand, helping to fill the financial services gap within its communities. Today, it aims to unify the community of Detroiters by delivering outstanding services backed by modern banking technology like Bankjoy.
Joumana Mcdad, Executive Vice President of One Detroit, said, “A key part of our mission is to help people in our community who have been overlooked by the mainstream banking system by providing them with credible, fair and reasonably priced financial products and services. By working with Bankjoy, we are maintaining that commitment, ensuring that our members can bank how and when they want through the best digital tools available. We look forward to continuing our partnership with the Bankjoy team.”
“As fellow Detroiters, we have tremendous admiration for One Detroit’s mission and their effort to positively impact and change the lives of our shared community,”
said Michael Duncan, CEO of Bankjoy. “By bringing together industry leaders and modern digital technology, we can drive greater financial inclusion of underserved individuals, especially in Detroit. We are proud to be a part of One Detroit’s journey and support the launch of their next mobile banking platform.”
Detroit continues to be a major focus for improving financial inclusion. According to the FDIC’s “How America Banks” survey, the number of minority households without a bank account significantly outweighs those from non-minority households. In fact, the survey found that 13.8% of Black and 12.2% of Hispanic households were unbanked, compared with just 2.5% of white households.
To support efforts, the Federal Deposit Insurance Corporation’s (FDIC) #GetBanked campaign was expanded to reach Detroit, as well as Dallas and L.A., after successful campaigns in other cities last year. Additionally, the Office of the Comptroller of the Currency (OCC) launched Detroit REACh last month to organize and initiate formal efforts to promote greater access to affordable homeownership, enhance small business financing, and expand access to credit for economically disadvantaged and underserved communities in Detroit.
