Oregon State Credit Union partners Bankjoy for account opening and loan solutions
Member-owned Oregon State Credit Union has tapped US-based banking technology vendor Bankjoy for its online account opening solution in an attempt to “drive new member acquisition and deposit growth”.
Claiming to deliver an “ultra-fast, 90-second onboarding process”, the solution will enable the credit union to onboard new members through an ID-selfie matching process and further configure its enrolment workflows with various account types and funding options, while supporting applicability across mobile, online and in-branch channels.
Oregon State Credit Union currently supports more than 142,000 members with account, loan, insurance and business services, and maintains 15 branches across the state.
In addition to its online account opening offering, the credit union has also integrated Bankjoy’s online loan application product into its current digital banking platform, NCR, and its core processing platform, Corelation KeyStone, which will enable members to submit loan applications directly into both systems, “streamlining the origination and approval process for borrowers”, the vendor says.
Claiming to be “thoroughly impressed” with its partner’s product suite, Kim Sather, chief information officer for Oregon State Credit Union, says Bankjoy is providing “an integral piece in our long-term digital transformation journey” while building on its longstanding growth objectives.
Reflecting on its latest partnership, which succeeds its previous agreements with the likes of InvesTex Credit Union and NET Credit Union, Michael Duncan, CEO of Bankjoy, states that generating deposit and loan growth, while simultaneously managing funding costs and an evident decrease in physical branch footfall, is “challenging in today’s economic climate, where interest rates remain higher than usual”.
“This means digital onboarding channels are more important than ever,” Duncan adds.