Bankjoy Personal Finance Tool Grows at Community Banks

Bankjoy said its Personal Finance tool called JoyCompass is now being used by 30 community banks and credit unions.

The tool helps people learn more about money. It is built into online banking apps. Users can make budgets, track spending and set savings goals.

Bankjoy shared new results from the tool. Members who used spending reports stayed with their bank more often than other members. People who made goals or budgets showed even stronger results.

The company said many people still need help with money skills. It also said many customers want banking tools that fit their personal needs.

JoyCompass gives users simple lessons about money. It also uses scores and rewards to help people stay active and reach their goals.

Dillon Tardiff of Ellafi Credit Union said the tool helps members save money and plan for important life events. He said having the tool inside the banking app makes it easy to use.

Bankjoy CEO Michael Duncan said community banks can stand out by offering helpful digital tools. He said JoyCompass helps banks build stronger ties with their members.

As more banks add the tool Bankjoy hopes it will help people make better money choices and improve their financial future.