Q2 achieves record fintech adoption by financial institutions

Austin, Texas–(BUSINESS WIRE). Partners and assignments at financial institutions since the introduction. More than 80 fintech partners have selected Q2’s digital banking platform for integration to offer their fintech solutions to financial institutions. More than 245 banks and credit unions have used the Q2 Innovation Studio to expand their digital banking platform and collaborate with these innovative fintechs like Glia and Deluxe.

Built on Q2’s flexible, modern and open digital banking platform, the Q2 Innovation Studio enables financial institutions to innovate faster to meet the needs and expectations of their account holders and provides fintechs with access to a vast network of approximately 450 banks and credit unions and more 20 million account holders and members. The Q2 Innovation Studio also offers programs designed to help fintechs and other technology providers increase sales velocity and minimize customer acquisition costs with a single integration with the Q2 platform, including integrated marketing and sales support. More than half of Q2’s digital banking customer base uses the Q2 Innovation Studio programs, and nearly 1,000 external client and partner developers innovate on the Q2 platform.

“The Q2 Innovation Studio was a game changer for financial institutions and fintechs. The level of growth and success that we have seen has been outstanding,” said Jonathan Price, Executive Vice President of Emerging Businesses, Corporate & Business Development, Q2. “Q2’s industry-leading digital banking platform and innovation studio enable financial institutions to offer innovative, personalized digital banking services while seamlessly integrating with third-party fintech solutions. In Q1 2022, over 80 percent of our net new digital banking customers cited Q2 Innovation Studio as a key factor in their choice of Q2’s digital banking platform.”

“We give small businesses the ability to streamline and modernize their once complicated processes and systems,” said Michael Reed, President of Payments at Deluxe HR & Payment Solutions, a partner of the Q2 Partner Marketplace. “By leveraging Deluxe’s ​​integration with Q2’s digital banking platform, financial institutions are helping thousands of small businesses automate payroll, tax payments, hiring and other HR offerings. Q2 Innovation Studio has enabled us to move faster than ever, with scalability we have never been able to offer before.”

“We owe a special thanks to our partners at Q2, who created the Innovation Studio, which is transforming the way we use technology to connect with our members. The Q2 team are rock stars – together we strengthen the communities we serve!” said Tom Novak, vice president and chief digital officer of Visions Federal Credit Union, a client of Q2 Innovation Studio. The second quarter helped Visions triple the speed of its innovation lifecycle and saw an increase in member adoption of financial management tools from 1,500 to more than 40,000, and approximately 14,000 Visions members signed up for credit scoring services through the Innovation Studio.

Key customer benefits of Q2 Innovation Studio include:

  • Enable faster innovation and differentiated experiences – Q2 Innovation Studio, powered by Q2’s Digital Banking Platform, which includes more than 1,000 extensions, enables banks and credit unions to quickly customize and deliver personalized services to meet the evolving needs of their account holders. By leveraging new fintech innovations, banks and credit unions can increase account holder engagement, satisfaction and retention, and drive new customer acquisition.
  • Scalability and expandability beyond internal resources – Financial institutions gain access to a broader development ecosystem by leveraging Q2-certified third-party developers to complement internal resources and significantly increase the speed of delivering differentiated services.
  • Faster time to market and cost savings – Through the Q2 Partner Accelerator program, banks and credit unions can offer innovative fintech solutions related to the financial journey of end users by selecting and rapidly deploying pre-integrated apps. These integrations do not require Q2 product and development resources, resulting in faster time to market. Financial institutions can work with these partners to purchase their solutions and quickly deploy the standardized integrations.
  • A new economic model for FIs to generate noninterest income – The Q2 Partner Marketplace combines the best of digital banking and e-commerce by creating an app store-like experience that enables financial institutions to assess, select and deploy from a catalog of pre-integrated third-party products without upfront investment. This unique economic model allows financial institutions to offer these products through an end-user purchase model on the marketplace, opening up opportunities to generate interest-free income. For the account holders, they can buy consumer and small business apps and deploy them instantly to their online banking dashboard.

For more information on the Q2 Innovation Studio, visit q2.com/innovation-studio-active-fi.

About Q2 Holdings, Inc.

Q2 is a financial experiences company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance and fintech companies in the US and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to deliver cohesive, secure, and data-driven experiences to every account holder – from consumers to small businesses and corporations. Headquartered in Austin, Texas, Q2 has offices around the world and is traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.

To learn more about how these financial institutions and fintech companies innovated through the Q2 Innovation Studio, please click here.

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