This initiative takes Banking as a Service (BaaS) beyond the traditional bank’s functionality to join the forerunners in a new personalized digital relationship with customers and members
b1BANK ($3.9 billion AUM) and Citizens Bank of Edmond ($350 million AUM) are the first community banks in the US to build out challenger solutions using Moven’s financial wellness platform, placing the two forward-thinking banks at the vanguard of personalized digital banking.
The platform, which is powered by Q2’s CorePro core processing technology, will enable the banks to quickly roll out a fully functional solution with a front-end built around financial wellness supported by a light, powerful backend that interacts with many legacy cores.
Since all the Moven platform components are fully integrated with Q2 CorePro, standing up a challenger or digital banking solution is very streamlined with far less project management complexity. That means digital banking solutions can be up and running much faster, more affordably, as well as easier to manage.
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This initiative takes Banking as a Service (BaaS) beyond the traditional bank’s functionality to join the forerunners in a new personalized digital relationship with customers and members. This new form of deposit acquisition also defends against the risks of deposit displacement.
“By partnering with Moven, we will be able to provide additional support to our clients across their full range of financial activities and are better positioned to assist them in managing their financial wellness as a whole,” said Keith Mansfield, Executive Vice President, Chief Operations Officer. “Moven will also assist us in obtaining the insights we need to compete with both larger banks and fintech competitors.”
“The banks of tomorrow must deliver exceptional products and exceptional customer service in an increasingly digital manner,” said Jill Castilla, Chief Executive Officer and President, Citizens Bank of Edmond. “No one is more skilled at developing relationships and meeting customer needs than community banks. We are proud to partner with two companies in Q2 and Moven that recognize this opportunity and are committed to bringing a first-class digital experience to underbanked and underserved communities in need.”
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“Community banks must accelerate the pace of innovation in order to compete effectively in this new digital era. Covid has shown that a one- to two-year timeframe to deliver on digital transformation is far too long,” said Rahm McDaniel, Vice-President Strategic Solutions, Q2 BaaS. “Q2 CorePro delivers an innovation platform to help banks capitalize on emerging trends quickly and cost efficiently in order to maintain and grow their market share.”
“There’s never been a more exciting time to be in financial services,” said Bryan Clagett, Moven Chief Revenue Officer. “Bankers can build new experiences easier than ever before, for less investment than expected, while building new ways to acquire customers and providing digital solutions that reduce friction and bring financial advocacy to life.”
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