Q2 Holdings Makes Digital Account Switching Fast and Easy with Acquisition of ClickSWITCH

By Q2

1 Apr, 2021

Acquisition of ClickSWITCH strengthens Q2’s portfolio of digital banking capabilities to help financial institutions and fintech companies attract and retain new primary account holders

AUSTIN, TX (April 1, 2021)—Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced its acquisition of ClickSWITCH, a patented digital account switching software-as-a-service (SaaS) solution that has transformed how financial institutions and financial technology companies (fintechs)  attract and retain new primary account holders. The acquisition reflects Q2’s ongoing mission to build strong and diverse communities by strengthening financial institutions.

ClickSWITCH, a privately held company based in Minneapolis, MN, was founded in 2014 to provide a digital account switching solution for financial institutions and fintechs. ClickSWITCH is designed to simplify the process of bringing new account holders onboard by quickly, safely and efficiently switching direct deposits and automatic payments to new accounts. With more than 450 customers, ClickSWITCH can allow financial institutions and fintechs to make account switching easy, capture more deposits, rapidly and consistently gain primary account provider status, and increase their profitability.

“A major challenge that financial institutions and fintechs face is converting their clients to become primary account holders. We believe Q2’s acquisition of ClickSWITCH will enable us to help our customers efficiently solve this pain point and drive account profitability,” said Matt Flake, CEO of Q2. “We also believe that with ClickSWITCH we can help our customers provide their account holders with a more streamlined, frictionless experience, by offering an end-to-end digital customer acquisition, onboarding, and account switching solution.”

ClickSWITCH has successfully helped more than 450 financial institutions and fintechs acquire the primary relationships with their account holders. Some of the benefits customers have achieved by using ClickSWITCH include the following: 

  • Gather Deposits – Using ClickSWITCH, customers have realized gains in deposits, helping them drive positive margin lending programs and further engage account holders. 
  • Reduce Friction – With ClickSWITCH, financial institutions and fintechs of all kinds have decreased their primary account acquisition costs – creating immediate and long-term positive ROI related to account acquisition. 
  • Position for Growth – With ClickSWITCH, financial institutions and fintechs are more likely to increase cross-sales related to credit and debit card activation and utilization – driving positive experiences and increased non-interest income for the business. 

ClickSWITCH’s innovative, automated deposit switching solution streamlines the process for end users to change their account for automatic deposits via direct integrations to thousands of employers, payroll providers and financial institutions. This automated and assisted process for end users is designed to yield very high completion rates and seamless transfers for financial institutions and fintechs in onboarding end users. Bolstering Q2’s best-in-class portfolio of digital banking offerings with ClickSWITCH’s digital account switching solutions will expand Q2’s market reach, further drive innovation and deliver greater value to Q2’s customers.

"Q2 is a recognized leader in providing innovative solutions for financial institutions and other fintech providers,” said Cale Johnston, founder and CEO, ClickSWITCH. “As a combined force, we look forward to solving a fundamental issue that banks, credit unions and fintech companies face – managing the complexity and administrative burden of account switching – by providing the most comprehensive and differentiated digital account switching solution in the market. We are delighted to be joining the Q2 team and look forward to delivering best-in-class financial solutions.”

For more information: 

About Q2: www.Q2.com.  

Blog: Digital Account Switching: The Key to Profitable Consumer Relationships 

Webinar on April 8th: "Digital Account Switching: Best Practices for Profitable Consumer Relationships" 

About Q2 Holdings, Inc. 

Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.

About ClickSWITCH 

ClickSWITCH is a digital account switching solution for financial institutions and challenger banks that simplifies the process of bringing new account holders onboard by quickly, safely and efficiently switching direct deposits and automatic payments to new accounts. The company enables financial institutions to make switching easy, capture more deposits, rapidly and consistently gain PFI status, and increase profitability. For more information, visit www.clickswitch.com

Forward-looking Statements: 

This press release contains forward-looking statements, including statements about: the benefits of ClickSWITCH products to target customers; the ability of ClickSWITCH products to further differentiate Q2 and its solutions offerings; the ability of ClickSWITCH’s products to boost Q2’s cross-selling capabilities and to accelerate digital onboarding; Q2’s and ClickSWITCH’s ability to provide best-in-class and leading solutions; the advantages to Q2’s customers of adding the ClickSWITCH solutions; the ability of Q2’s and ClickSWITCH’s products to enable customers to improve account acquisition and engagement and to accelerate growth; the ability of Q2 to advance its product offerings together with ClickSWITCH; and the potential for Q2 and ClickSWITCH as a combined force. The forward-looking statements contained in this press release are based upon current plans, estimates and expectations and are not a representation that such plans, estimates or expectations will be achieved. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (a) risks related to Q2’s ability to successfully integrate ClickSWITCH and its technology and personnel; (b) risks related to the execution of the combined plans, strategies and forecasts, including with respect to account switching capabilities and offerings; (c) risks related to customer demand and market acceptance for these offerings; (d) risks related to Q2’s expectations with respect to the business of ClickSWITCH after completion of the transaction and Q2’s ability to realize additional opportunities for growth and innovation; (e) competitive risks in the highly-competitive and innovative financial service and technology industries; (f) risks related to the security and compliance of these solutions; (g) intellectual property and related risks; and (h) other risks and potential factors that could affect our business and financial results identified in Q2’s filings with the Securities and Exchange Commission. These filings are available on the SEC Filings section of the Investor Relations section of Q2’s website at  https://investors.q2.com/investor-relations/overview/default.aspx.

These forward-looking statements represent Q2’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Q2 disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Jean Kondo
Q2 Holdings, Inc.           
+1 510-823-4728       

Josh Yankovich
Q2 Holdings, Inc. 
+1 512-682-4463

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