Bankjoy unveils its business banking platform

Digital banking service provider Bankjoy – who recently signed his millionth member – Wednesday (December 1) spear a digital banking platform for businesses that gives its SME customers tools to attract and retain customers.

The launch comes as a recent survey shows that about 60% of small businesses struggle to pay their business expenses, and about a quarter need help paying off loans or debts (26%), bills. (25%), rent (25%) and employee salaries (24%).

“Our partners have asked for enhanced digital experiences for their member local small businesses,” said Mike brown, vice president of products for Bankjoy, in the company announcement. “In response, we created Bankjoy Business Banking, a seamless extension of our existing solutions, creating a broader banking experience for businesses with more complex financial needs. “

Bankjoy’s latest corporate banking platform provides financial institutions with a modern platform designed by credit union leaders and designed for community financial institutions. Its billing, payroll, business start-up, wire transfers and fees features help businesses manage their finances better.

“Small businesses have demanded better digital banking capabilities for much of the past decade,” said Bankjoy CEO Michael duncan in the business announcement. “In fact, 60% of business owners said they would switch financial institutions if they found one with better offers. But SMEs are not a monolith. Their needs vary, from processing payments to invoicing and more.

“Financial institutions must be able to offer more than a generic platform with limited functionality while ensuring an exceptional user experience. Our latest business banking offering is doing just that, helping more banks and credit unions support small business owners in their communities and fuel the growth of local economies, ”he said.

See more : DeFi opens up new possibilities for banks ready to embrace change

Algoranddirector of business solutions Giuliana Berchicci and Following CEO and co-founder Guillermo Vicandi recently told PYMNTS that banks can learn a lot from the triple-digit growth of decentralized finance (DeFi) and innovate by responding to competitive pressures.

Banks are keenly aware of the need to fully embrace digital transformation and FinTechs have developed banking alternatives, which offer customers new ways to pay and manage their money.

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Michael C. Sumner