Monitor Daily, a digital and print publication focused on equipment finance and leasing industry news, shared its inaugural list of innovative companies in the equipment finance ecosystem on March 31, 2021. Winners included innovative leasing companies, service providers, associations, and fintech enablers. Categories included human resources, technology, innovative support of the equipment finance ecosystem, leadership, and sustainability.
Q2 is thrilled to be named one of Monitor’s Most Innovative Companies in the sustainability category!
What innovation means to Q2
At Q2, we put innovation at the forefront of all we do. It’s more than introducing something new; it’s about enabling our financial institution (FI) customers to exceed their account holders’ expectations, differentiate themselves from competitors, and serve as technology leaders in their market or region. Innovation plays a key role in how we fulfill our mission to build strong and diverse communities by strengthening their financial institutions.
Innovation is also about catalyzing change. To use a sports analogy, you don’t throw the ball to where a player is, you throw it to where they’ll be. This is how Q2 approaches innovation – we anticipate customer needs and identify technology trends that will enable FIs to exceed expectations and deliver capabilities ahead of the mainstream.
Rising to meet the challenge
This past year, we knew we needed to provide quick support to our customers as they adapted to the COVID-19 pandemic. We launched a U.S. Small Business Administration (SBA) Payment Protection Origination solution within days of the first COVID-19 government stimulus package being announced. This Paycheck Protection Program (PPP) solution ensured all applications could be completed online. What’s more, lenders were able to instantly determine eligibility and approval and generate, execute, and submit documents to the SBA electronically.
The average implementation time of this solution was five days or less. During the first two rounds of the PPP, Q2’s solution processed over $3 billion in loans and over 30,000 applications.
Because of this, lessors had the opportunity to participate in the PPP program while continuing to provide outstanding customer experiences.
To be among such a strong list of innovative companies is an honor. Q2 remains committed to bringing the best technology and services to our customers.