Every year, Q2 provides financial institutions (FIs) with comprehensive industry updates and networking opportunities during CONNECT, its annual client conference. This year, Q2 shifted CONNECT 20 to a series of events in the digital channel, responding to FIs’ needs of a more flexible schedule, as well as relevant content specific to this unique moment in time.
Q2 wanted to honor the CONNECT 20 award recipients by showing a more in-depth, online spotlight on the incredible accomplishments executed this past year. Winners were recognized for excellence in eight separate categories.
Customer of the Year (Bank) – Mercantile Bank of Michigan
The CONNECT 20 award for Customer of the Year in the bank category goes to Mercantile Bank of Michigan (Mercantile Bank). Mercantile Bank often partners with Q2 as an early adopter of crucial new functionality. In this role, Mercantile Bank doesn’t merely test the viability of a new product; they help determine and improve its functionality, user experience, and future direction. Those improvements then make their way into the product and benefit the entirety of Q2’s customer base. For their partnership, Mercantile Bank has earned this year’s Customer of the Year in the bank category.
With more than 40 branches across Michigan, the bank has been serving its communities since 1997. Mercantile Bank’s commitment to customers and community is evident in its stated belief that that banking is really about serving the needs of customers first, and that everything else will take care of itself.
Strategy and Results
Effectively and profitably supporting small businesses has become a common challenge for commercially oriented financial institutions (FIs). These FIs have limited resources, and the interest and non-interest income opportunity that full-fledged commercial relationships offer can often leave small businesses as an afterthought by comparison. However, with the right approach – both strategically and technologically – banks can win and serve small businesses efficiently and not at the expense of their commercial efforts, in turn helping bolster their bottom line while strengthening their support of their communities.
Mercantile Bank resolved to automate any small business loan up to $200,000 and are integrating deposit accounts into the bank’s lending process while adding them to their online database. Mercantile brought this set of objectives to Q2 and, with a combination of Q2’s lending, digital banking, and onboarding capabilities – along with the Q2-Salesforce integration – Mercantile is driving this new process forward.
As this strategy rolls out over the coming year, these three steps will enable Mercantile Bank to more aggressively grow their small business portfolio in a way that benefits both the bank and the small businesses in their communities.
Mercantile Bank’s efforts have emphasized the importance of product testing and design, innovation, and providing a way for small businesses to get the same support as commercial clients.
Congratulations to Mercantile Bank of Michigan for winning the CONNECT 20 Bank Customer of the Year Award.
Bookmark and visit the Q2 blog for upcoming posts showcasing additional winners who’ve exemplified best-in-class services.