Grow Your CU by Ignoring 99% of the Market, with Bankjoy's Mike Duncan

Tired of casting a wide net and coming up empty? The secret to revitalizing your credit union might be to start thinking small.In this episode, host John San Filippo sits down with Michael Duncan, CEO and founder of digital banking provider Bankjoy, to discuss the strategy of vertical banking (also known as niche banking or sub-branding). This approach allows community financial institutions to leverage their existing charter to create a discrete, digital brand that caters to a very specific audience.You'll learn:The Power of Niche Focus: How ignoring 99% of the market can lead to massive growth by focusing on a specific, unmet need.Real-World Success Story: The case of Panacea Financial, a digital-only bank serving doctors and healthcare professionals, which achieved over half a billion dollars in assets in just a few years by solving the unique financial problems faced by young physicians.Potential Niches for CUs: Other segments credit unions can target, such as military service, teachers, and even specific demographics like women or younger generations (Gen Z).Overcoming Hurdles: Mike addresses the common concerns of staffing, marketing a digital-only brand, and the scary part—the technology.Technology Simplification: Discover how modern digital banking providers like Bankjoy make it possible for you to launch a new vertical brand in as little as six weeks to three months without having to replace your core system.Mike's key takeaway for hesitant credit union CEOs? "Don't delay. It's not as big as you think." Start small, experiment, and see if this targeted, personalized approach is the solution to your growth challenges.You're also invited to download Bankjoys white paper on the topic: How Vertical Banking DrivesGrowth for CommunityFinancial Institutions -Reach New Markets with Targeted, Niche Banking Experiences.