DETROIT–Online and mobile banking provider Bankjoy said it is partnering with financial literacy provider Zogo to provide a better member experience – especially to the up-and-coming Generation Z group.
In a statement, Bankjoy Founder/CEO Mike Duncan noted one of his company’s mobile technology offerings allows online account opening processing in less than 90 seconds, which is “vitally important in attracting the younger generations to credit unions – along with anybody else who desires a fast, online account opening process.”
Zogo Co-founder Bolun Li added in the statement his company provides credit unions with financial education to their members, engaging Gen Z to change their bad financial habits. As a result, the companies said they are a perfect match for credit unions as they embark on their “member succession plans” to bring in the younger generations through a better user experience and financial literacy tools to sustain and grow their memberships well into the future.
Both Duncan and Li said the partnership will allow credit unions to fine-tune their offers in an educational format – rather than a sales approach, which is a turn off to the younger generations.
Attracted to ‘Deeper Mission’
“At the same time, Gen Z is attracted to organizations that have a deeper mission or underlying value – and credit unions fit that bill,” the companies said, adding they will be tying two of their products together: Zogo’s financial literacy program and Bankjoy’s online account opening product – as well as a referral program that allows consumers to become members in 90 seconds or less, while learning financial wellness tips.
The companies said the next step is to integrate the financial literacy program into other services such as mobile banking, online banking, conversational AI, and statements to provide the valuable financial wellness information.