Q2 achieves record fintech adoption of financial institutions

by James · July 4, 2022

Quadruple fintech integrations on the Q2 platform for 80+ solutions through Q2 Innovation Studio, and 280 licenses signed by financial institutions

AUSTIN, Texas, June 28, 2022– (BUSINESS WIRE) – Q2 (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, today gave an update on the rapid expansion of the fintech partner ecosystem since the launch of Q2 Innovation Studio in June 2021, quadrupling of the number of fintech partners and distributions to financial institutions since launch. More than 80 fintech partners have chosen to integrate Q2’s digital banking platform to offer their fintech solutions to financial institutions. More than 245 banks and credit unions have used Q2 Innovation Studio to expand their digital banking platform and collaborate with these innovative fintechs, such as Glia and Deluxe.

Built on Q2’s flexible, modern and open digital banking platform, Q2 Innovation Studio enables financial institutions to innovate faster to meet account holders’ needs and expectations, while fintechs provides access to a large network of approx. 450 banks and credit unions, and approx. million account holders and members. Q2 Innovation Studio also offers applications designed to help fintechs and other technology vendors increase sales speed and minimize customer acquisition costs with a single integration with the Q2 platform, including built-in marketing and sales support. More than half of Q2’s digital banking customer base leverages the Q2 Innovation Studio applications, and nearly 1,000 external developers from customers and partners are innovating on the Q2 platform.

“Q2 Innovation Studio has been a game-changer for financial institutions and fintechs. The level of growth and success we have seen has been unparalleled,” 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 deliver innovative, personal 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 choosing Q2’s digital banking platform. “

“We give small businesses the opportunity to streamline and modernize their once-complex processes and systems,” said Michael Reed, President of Payments for Deluxe HR & Payment Solutions, a partner in 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 allowed us to move faster than ever, with scalability we’ve never been able to give before. “

“We owe a special thank you to our partners at Q2 who created the Innovation Studio that transforms how we utilize 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 digital director of Visions Federal Credit Union, a Q2 Innovation Studio customer. Q2 has helped Visions triple the speed of its innovation lifecycle and saw an increase in the use of financial management tools by members from 1,500 to more than 40,000, and approximately 14,000 Visions members have signed up for credit scoring services through Innovation Studio.

Key customer benefits of Q2 Innovation Studio include the following:

Enables 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 adapt and offer personalized services quickly to meet the changing demands of their account holders. By taking advantage of new fintech innovations, banks and credit unions can increase the engagement, satisfaction and retention of account holders and drive the acquisition of new customers.
Scaling and expandability beyond internal resources – Financial institutions gain access to a broader development ecosystem by utilizing Q2-certified third-party developers to supplement internal resources and significantly increase the speed of delivery of differentiated services.
Increased speed to market and cost savings – Through the Q2 Partner Accelerator program, banks and credit unions can offer innovative fintech solutions related to end users’ financial journeys by selecting and quickly deploying pre-integrated apps. These integrations do not require product and development resources for the second quarter, which results in increased speed to the market. Financial institutions can work with these partners to purchase their solutions and quickly distribute the standardized integrations.
A new economic model for FIs to generate non-interest income – Q2 Partner Marketplace combines the best of digital banking and e-commerce by creating an app store-like experience that allows financial institutions to evaluate, select and distribute from a catalog of pre-integrated third-party products without pre-investment. This unique financial model enables financial institutions to offer these products through an end-user buying model in the Marketplace, which opens up opportunities to generate interest-free income. For account owners, they can buy apps for consumers and small businesses and have them implemented immediately in the online bank’s dashboard.

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

About Q2 Holdings, Inc.

Q2 is a financial experience company dedicated to offering digital banking and lending solutions to banks, credit unions, alternative finance and fintech companies in the United States and internationally. With comprehensive end-to-end solution kits, Q2 enables partners to offer seamless, secure, data-driven experiences to all account holders – from consumers to small businesses and businesses. Headquartered in Austin, Texas, Q2 has offices worldwide and is traded on the NYSE under the share symbol QTWO. To learn more, please visit Q2.com.

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

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220628005813/en/

Contacts

Cole Lanier
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205-616-6142