This is the second of a two-part series with Magnifi Financial (“Magnifi”). In our last blog, we traced Magnifi’s leadership through digital, discussing how it leverages the Q2 digital banking platform to stack up against major competitors. Today we’ll share more about Magnifi’s recent growth and plans for the future.
Mergers and acquisitions can be a double-edged sword. They bring immediate growth but often involve administrative headaches while onboarding and assimilating thousands of new users onto an unfamiliar digital banking platform.
In 2022, Magnifi, formerly Central Minnesota Credit Union, merged with Financial One Credit Union and increased the overall digital banking members by over 5,000. Throughout the process, Magnifi experienced many benefits of the Q2 digital banking platform – an intuitive interface that requires zero onboarding tutorials, explainers or videos.
Years of delighted digital banking users - Magnifi’s existing 66,000+ users rave about it on the app stores - allowed Magnifi to navigate the recent transition with confidence, leaning on Q2's simple, easy-to-navigate interface. And, with more than 200 new digital banking enrollments each month – never demanding tutorials or explainers – Magnifi was able to successfully put a checkmark next to the “digital banking onboarding” task that awaits many financial institutions undergoing mergers and acquisitions.
Neal Kaderabek, Magnifi's Chief Information Officer and Chief Digital Officer, said, “Our platform is simple and straightforward. It's a real credit to Q2 that we don't need to create videos and tutorials to help new members find their way around. This became especially clear during the acquisition. The other credit union was surprised when we said onboarding wasn't necessary. We let them know how simple and intuitive it is, and that we didn’t really expect any issues with members finding everything they need as soon as they log in.”
By removing big tasks from Magnifi’s to-do list, the Q2 digital banking platform continues to be a strategic asset to Magnifi, serving as a critical component to seamless growth and expansion while simultaneously delighting its digital banking users.
To learn more about Magnifi and its success with Q2, click here.