New Turnkey Solution Allows Financial Institutions to Compete with Challenger Banks by Deploying a Bank-in-a-Box in 30 days; New Solution to be Demoed at the FinovateSpring Virtual Event
Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced its participation with mobile financial service provider Moven in the virtual FinovateSpring event on May 11, 2021. Q2 and Moven will demo their new turnkey challenger Bank-in-a-Box solution that can be deployed in financial institutions (FIs) in as little as 30 days
FinovateSpring brings together over one thousand senior-level attendees from fintech companies and FIs. The event gives attendees the ability to network, connect, collaborate, and learn about the latest innovations in the fintech space.
Using a combination of Q2’s core processing system for Banking as a Service, CorePro, and Moven’s award-winning financial wellness app, Q2 and Moven have developed a turnkey digital challenger strategy to solve the competitive threat of neobanks (financial technology firms that offer internet-only financial services and lack physical branches) for community and regional banks and credit unions. This collaboration brings Open Banking to customers in a way that’s never been done before.
Demonstrating this solution during FinovateSpring will help FIs understand the need to protect their current and future customer relationships from emerging digital challenger banks, get a sense of where the banking industry is headed, and understand how they can better serve their customers with innovative technology, even if that means launching their own challenger bank.
“The new bank account is being defined by a different set of rules. Low friction, engaged customer base, differentiated distribution, and strong digital (mobile and web) support are all the rage, but at the core is a new approach to the basic day-to-day bank account,” observes Brett King, Founder and Executive Chairman of Moven. “This new approach is also core agnostic, which means there are huge opportunities in building banks from the customer up, rather than from the banker down.”
“Until now, a digital challenger strategy requires financial institutions to endure a prohibitively long, expensive journey. Q2 and Moven are giving banks a short, easy and cost-effective alternative to their current approach,” said Rahm McDaniel, vice president of Strategic Solutions at Q2. “We couldn’t be more excited to demo this collaboration during FinovateSpring and begin helping FIs across the world take challenger banks head on.”
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