Q2 recently partnered up with Moven to demo our Digital Bank in a Box solution at Finovate Spring. With this solution, financial institutions (FIs) can finally challenge the challenger banks and earn a spot in the fintech niche, allowing them to attract more deposits and customers — including those who aren’t appropriate for their core banking offering.
Let’s dive into the solution.
Digital Bank in a Box is powered by the same core processing system, CorePro, that has allowed Credit Karma and others to launch their embedded finance solutions. Now, Q2 has collaborated with Moven to lay their robust frontend UI on top of CorePro and create a fully digital bank offering. Onboarding takes 90 seconds to a couple of minutes, and then users can start using the many differentiated features available through the Moven platform.
Of course, it all starts with the debit card, which banks can issue and tokenize for use within a mobile wallet immediately. Some of the other features of the Moven UI include:
- Spending meter
- Categorization engine (a PFM tool)
- Cash flow tracker with predictive cash flow
- Recurring transactions, which works with the cash flow tracker to predict if you’ll be able to cover your recurring transactions
- Savings wish lists with gamification
- Contextual credit offerings based on wish-list items, driving fee revenue
- Full-featured dashboard for FIs to interact with their customers
Not only is Digital Bank in a Box a new, innovative product — it’s fast to market, easy to operate, and cost effective. FIs can stand up their own challenger bank in 30 days or less. And to be clear, this solution will not interact with your existing core — it’s a parallel core setup. Now your FI can challenge the challengers and collect customers, data, and deposits while you undergo digital transformation of your existing core banking system.
For more information, please visit our Digital Bank in a Box page.