Online and mobile banking provider Bankjoy and financial literacy to Gen Z provider Zogo have partnered to help credit unions provide a better member experience – especially to the up-and-coming Generation Z group.
Zogo Co-founder Bolun Li adds that his company provides credit unions with financial education to their members, engaging Gen Z (teenagers) to change their bad financial habits. As a result, the two, award-winning firms 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 explain that 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. 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 organizations 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 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.
“Honestly, I’ve been kind of stalking Bankjoy for a while, so I was really happy when we finally connected,” jokes Li. “I was really intrigued by the online account opening software Bankjoy has that allows members to open an account in less than 60 seconds. This is something we’ve been looking for to let our audience take the next step and join a credit union.”
“Zogo is exactly the kind of value we have been looking for to add to our digital banking platform,” states Duncan. “Providing financial education to younger generations builds value on top of our digital banking ecosystem and delivers it through all our different channels to create a better member experience – especially for Gen Z.”