First Federal Savings & Loan of San Rafael boosts digital transformation with Bankjoy partnership
First Federal Savings & Loan of San Rafael has selected Detroit-based fintech Bankjoy to lead the enhancement of its digital banking capabilities.
First Federal Savings & Loan of San Rafael partners Bankjoy
Founded in 1963 and headquartered in San Rafael, California, First Federal offers a range of financial services, including business and personal accounts, savings accounts and loans. It currently has approximately $221 million in assets under management.
To support its ongoing digital transformation, the bank has announced that it is to integrate Bankjoy’s end-to-end digital banking platform with Fiserv Cleartouch, its core banking system.
The move will enable First Federal to introduce a wider range of mobile and online banking services to its customers across the San Francisco Bay Area in which it operates, including integrated loan applications and the ability to open accounts online.
In addition to this, First Federal is also set to benefit from Bankjoy’s integration with open finance provider Plaid, which was completed in July 2023 and will enable the bank’s customers to connect multiple accounts from other financial institutions and third-party apps.
Paul Simmons, chairman, president and CEO of First Federal, says its partnership with Bankjoy will “allow us to further enhance our standard of service and continue to exceed customer expectations, even beyond the branch”.
Adding to this, citing a report from Insider Intelligence that suggests 84% of US consumers will access their bank account digitally at least once per month by 2027, Michael Duncan, CEO of Bankjoy, explains that “generations that have grown up in a digital-first world have changed the way consumers bank”.
Duncan affirms that First Federal’s partnership with Bankjoy is in recognition of this change.
First Federal joins the likes of UMe Credit Union, Fort Community Credit Union and CACL Federal Credit Union in tapping Bankjoy to boost their digital banking transformation.
