Q2 and SavvyMoney help OlyFed digitally transform
- In first 30 days ~10% of digital users registered for SavvyMoney
- 20% of digital users actively engaged with SavvyMoney in less than 6 months
- Increased home loan applications with no change to overall marketing approach
“There are other credit monitoring services out there, but not everyone trusts giving their financial data to a third party. When they see SavvyMoney already integrated with their financial institution - and how easily and securely they can access it - they quickly adopt it.”
About Olympia Federal Savings
- Headquarters
- Olympia, Washington
- Assets Under Management
- ~$800 million
- Solutions
- Q2 Digital Banking Platform, Q2 Innovation Studio, SavvyMoney
Challenge
Looking for the right credit reporting and fraud protection solution
As a long-time, well-established financial institution, OlyFed has a history of embracing digital transformation and overall, has significantly invested in innovative solutions that benefit its customers. OlyFed knew it wanted to offer credit reporting and fraud protection to its customers, but was in search of the right digital solution.
Solution
SavvyMoney checked all the boxes
When Q2 demonstrated SavvyMoney, OlyFed knew it was the right solution. Other credit monitoring services are available, but not all customers trust entering their financial information into a third-party website. SavvyMoney's ability to integrate directly with Q2's digital banking platform provided the ease and security OlyFed wanted for its customers.
Results
Q2 and SavvyMoney have helped position OlyFed as a modern bank of the future by achieving the following results:
- In the first 30 days, 703 digital users (approximately 10% of OlyFed's total digital users) had registered for SavvyMoney
- After one email from the financial institution, 20% of OlyFed's digital users were actively engaging with SavvyMoney in less than 6 months
- Contributed to OlyFed's year-over-year net loan growth of more than 9%, which equates to $56+ million
- Increased number of home loan applications with no changes to OlyFed's overall marketing approach
