AUSTIN, TX, July 11, 2023 -- Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced rapid year-over-year growth of Q2 Innovation Studio as a result of financial institutions’ increased need to attract, retain and grow customer relationships and deposits. Q2 Innovation Studio, comprised of more than 300 digital banking customers and over 120 technology partners, is designed to significantly reduce cost and time by enabling the pre-integration of innovative fintech solutions in the Q2 digital banking platform. Q2 Innovation Studio enables banks and credit unions to build more profitable and lasting customer relationships while providing a true marketplace that makes it much simpler for financial institutions and fintech companies to partner, and for account holders to quickly and easily adopt and leverage these solutions.
Q2 identifies emerging solutions categories that provide personalized customer experiences while increasing bank and credit union profitability and efficiency:
• Financial wellness and literacy: In addition to Q2 solutions like Goals and contextual Personal Financial Management, banks and credit unions have partnered with companies like Zogo, SavvyMoney and Experian to provide credit monitoring, financial wellness and literacy solutions that educate, protect and improve upon customers’ financial health in response to declining consumer confidence.
• Solutions for attracting and growing SMB relationships: More banks and credit unions are partnering with technology partners to target and better engage with their business customers. By providing solutions beyond traditional commercial banking, such as accounting, HR, payroll, invoicing and payments, etc., financial institutions can drive increased deposits while building stronger relationships with their small business account holders.
• AI-Powered Customer Service: Banks and credit unions are increasingly adopting AI technologies by partnering with companies like Glia and Agent IQ to deliver AI-assisted chat and online services. In particular, Agent IQ has helped enable financial institutions to enhance their customer experience, while reducing call center volumes by as much as 30 percent.
Q2 Innovation Studio offers a portfolio of technologies and programs for fintechs, financial institutions, and other technology providers who can leverage the software development kit (SDK) to integrate into Q2’s Digital Banking platform to drive rapid innovation by creating and delivering new extensions, solutions and integrations. Additionally, partners gain access to Q2’s expansive network of strong bank and credit union customer relationships to capitalize on the distribution opportunities embedded in a platform that has over 21 million end users and more than 4.6 billion logins in 2022. Demand is strong for Q2 Innovation Studio, with more than 300 financial institutions participating and procuring over 450 partner solutions, up 109 percent over the past year. Multiple financial institutions have reported generating $1 million or more in positive financial impact from Q2 Innovation Studio through a combination of non-interest fee income, cost savings and operational efficiencies.
“Financial institutions need to be fast and nimble to adapt to changing customer attitudes and needs, especially given the complex market environment,” said Jonathan Price, Executive Vice President, Strategy & Emerging Businesses. “We launched Q2 Innovation Studio to do just that: enable rapid innovation that helps financial institutions attract, retain and grow customer relationships.”
Fintech Partner Success Stories
• Fourth Capital: “The Q2 Innovation Studio has been a game changer for Fourth Capital in many ways,” said Brian Heinrichs, chief executive officer at Fourth Capital. “Currently, we’re utilizing six fintech partners through Q2 Innovation Studio. Most recently we’ve launched Rocket Mortgage, which has helped us deploy mortgage lending within our institution, an initiative that would’ve cost us thousands of dollars and similar hours to bring to our customers. Q2 Innovation Studio made the partnership seamless and we’re excited about the success we’re seeing from this initiative.”
• SavvyMoney: This market-leading credit score solution was integrated into the Q2 Digital Banking Platform through Q2 Innovation Studio and has hit over one million users. “Q2’s distribution engine has catapulted our business, connecting SavvyMoney with far more account holders than we could’ve anticipated,” said JB Orecchia, president and CEO at SavvyMoney. When more customers have access to their credit scores through these SavvyMoney partnerships, they’re empowered to make more informed financial decisions and feel confident about their finances. “We couldn’t be more excited to hit over 1 million users on our platform and we’re excited for the continued growth we’ll see from this partnership.”
To learn more about the Q2 Innovation Studio, visit q2.com/innovation-studio-active-fi.
About Q2 Holdings, Inc.
Q2 is a leading provider of digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. Q2 enables its financial institutions and fintech companies to provide comprehensive, secure, data-driven digital client engagement solutions – from consumers to small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and Twitter to stay up-to-date.