Q2 Innovation Studio enables banks and credit unions to have the freedom to differentiate and accelerate their digital innovation strategy
Q2 Holdings, Inc., a leading provider of digital transformation solutions for banking and lending, today announced the launch of its new Q2 Innovation Studio solution to help banks and credit unions quickly and efficiently deliver differentiated experiences to their end-users. Built on Q2’s flexible, modern, and open digital banking platform, Q2 Innovation Studio enables financial institutions (FIs) to innovate faster to meet their account holders’ needs and expectations.
“Q2 has figured out how to solve a problem that banks and credit unions are challenged with – there are lots of fintech offerings out there, and we have limited ability to enable the features or solutions they offer with our current core providers”
The Q2 Innovation Studio is a portfolio of technologies and programs that FIs and Q2 fintech partners can leverage to design, develop and distribute innovative digital banking products, services, and features. The Q2 Innovation Studio, built with Q2’s award-winning SDK, which more than 400 banks and credit unions are taking advantage of to deliver thousands of differentiated experiences, enables banks and credit unions to deliver applications and services to their account holders with unprecedented speed, ease and flexibility. In addition, through the Q2 Marketplace and Partner Accelerator Programs, FIs can now select and deploy pre-integrated apps fast, without investing in development and implementation resources or the time-consuming evaluation process.
The Q2 Innovation Studio also offers programs designed to help fintech companies and other technology providers increase sales velocity and minimize customer acquisition cost with one single integration, built-in marketing and sales support. The Q2 Innovation Studio grants companies access to a vast network of more than 450 banks and credit unions as well as their ~18.3 million account holders and ~1.75 million business accounts. This access to FIs and account holders allows Q2 partners to drive more business and deploy these integrations in a new and innovative way, resulting in faster time to revenue and scale.
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“The financial services industry at large is faced with an overwhelming need to innovate faster and deliver differentiated offerings quickly, to keep up with the changing expectations of their account holders,” said Adam Blue, chief technology officer, Q2. “Banks, credit unions and fintechs all have big ideas and want to deliver new personalized product offerings, but the old legacy model for innovation is broken and ineffective – it simply takes too long and costs too much. The Q2 Platform with Innovation Studio empowers companies to control their innovation roadmap and deliver new applications, services and experiences faster.”
“Q2 has figured out how to solve a problem that banks and credit unions are challenged with – there are lots of fintech offerings out there, and we have limited ability to enable the features or solutions they offer with our current core providers,” said Shon Cass, EVP, Integrated Sales and Service, Texas Security Bank. “Things are moving fast. You can’t be following behind, you’ve got to run ahead of the pack, and Q2 is helping us do that. Q2 has found the technology and have done the hard work so that we can just turn it on. For example, when we decided to offer our small business clients the Autobooks application through the Marketplace, it was painless. It was almost so easy; it was scary. With Q2, I’m amazed at how we’re going to be able to leverage technology quicker and better than we could have in the past.”
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According to Ron Shevlin, director of Research at Cornerstone Advisors and a senior contributor to Forbes, “Financial institutions need to create new revenue streams from new products and services already created by fintech startups, and fintech startups need financial institutions to help them rapidly scale. Until recently, however, there’s been a missing piece—a platform for fintechs to integrate into.”
Key customer benefits of the Q2 Innovation Studio include the following:
- Enable faster innovation and differentiated experiences – The Q2 Innovation Studio powered by the Q2 Digital Banking Platform, which includes more than 2,000 extensions, enables banks and credit unions to customize and provide personalized services rapidly to meet the evolving demands of their account holders. By taking advantage of new fintech innovations, FIs can increase account holder engagement, satisfaction, and retention
- Scale and extensibility beyond in-house resources – Gain access to broader development ecosystem by leveraging Q2 certified third-party developers to supplement in-house resources and significantly increase the speed of delivery of differentiated services
- Increased speed to market and cost savings – Through the Q2 Partner Accelerator program, FIs can provide innovative fintech any app related to the financial journey to end-users by selecting and deploying pre-integrated apps fast. These integrations do not require Q2 Product and Development resources, resulting in increased speed to market. FIs can work with these partners to purchase their solutions and rapidly deploy the standardized integrations
- A new economic model for FIs to generate non-interest income – The Q2 Partner Marketplace combines the best of digital banking and e-commerce by creating an app store-like experience that allows FIs to evaluate, select, and deploy from a catalog of pre-integrated third-party products. This unique economic model enables FIs to offer these products through an end-user purchase model in the Marketplace, allowing FIs to generate non-interest income with no up-front investment required by the FI.
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