Panacea Financial, a digital neobank for doctors, dentists and vets in the US, has partnered with Bankjoy to provide a full suite of digital banking services.
Under the agreement with Detroit-headquartered Bankjoy, Panacea Financial will integrate its partner’s end-to-end digital banking platform with its core system through Fiserv’s Communicator Open.
The company said that this will allow its customers to access a range of modern banking tools and enable them to manage their personal and business finances on their preferred device.
Panacea Financial added that medical professionals face “unique” financial stressors throughout their careers, which necessitate a banking service tailored to them.
“In 2023, neobank transactions are expected to reach $4.74 trillion, with a customer base of nearly 377 million by 2027,” said Michael Duncan, chief executive of Bankjoy.
“This market continues to gain traction as more neobanks and digital challenger banks identify niche markets with distinct financial needs. Panacea Financial is doing this for an essential market segment – healthcare professionals that entire communities rely on each and every day.”
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