Q2 helps GreenState reduce costs while strengthening member experience

With the help of Q2 Innovation Studio’s robust SDK, GreenState seamlessly embedded its Skip-A-Payment solution into the digital banking experience.

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80% decrease in adminstrative costs
$8 million in annual efficiency gains
75% of requests for Skip-a-Payment are now submitted through digital banking

"We can't invest in technology at the same pace as the larger financial institutions. Q2 Innovation Studio allows us to introduce services that we may not be able to otherwise."

Scott Schmidt, GreenState Credit Union Senior Vice President of Digital Transformation and Payments

About GreenState Credit Union

Headquarters: North Liberty, Iowa
Assets Under Management: $11.3 billion
Solutions: Q2 Digital Banking Platform, Q2 Innovation Studio

Challenge

GreenState Credit Union needed to digitize its popular Skip-A-Payment solution

After introducing a number of ROI-generating integrations with Q2 over its 10 years of partnership, GreenState sought out to digitize its Skip-a-Payment program, which offers members the opportunity to skip certain loan payments, allowing them to better manage their finances and navigate the unexpected.

Solution

Q2 Innovation Studio's robust SDK seamlessly embedded the solution into digital banking

With the help of Q2 Innovation Studio's SDK, GreenState digitized its popular solution, which offers members the opportunity to skip certain loan payments, allowing them to better manage their finances and navigate the unexpected. Previously, there were no automated options, meaning members had to complete an online form, visit a branch, or call in for support. Members immediately gravitated to the new digital option.

Results

GreenState Credit Union experienced the following results:

Before automating, 75% of Skip-a-Payment requests went through the call center, and 25% went through branches. That transformed into 75% going online almost immediately
GreenState is processing twice as many Skip-a-Payments at a fraction of the cost while also generating fee income
The average cost of GreenState's 35-40 annual member interactions decreases from $1.60 in 2020 to $1.26 in 2024 by increasing self service options for members