Q2 Helps VeraBank Generate 120% Growth in Commercial Accounts
- 11% growth in net income YOY
- 97% growth in treasury product sales compared to prior year
- 91% increase in chatbox interactions YOY
"Q2 is not a vendor to us. They are very much a strategic partner and one that we rely on 24 hours of the day, every day of the year.
About VeraBank
- Headquarters
- Henderson, Texas
- Assets Under Management
- $4.3 billion
- Solutions
- Q2 Digital Banking Platform, Q2 Innovation Studio, Q2 Discover, Centrix PIQS, Q2 Patrol, Q2 Sentinel
Challenge
VeraBank knew it was time to upgrade its digital capabilities.
Upon evaluating its tech stack, VeraBank knew it needed to significantly upgrade its digital capabilities to position itself for future growth. For customers with both retail and business accounts, its previous system required two separate logins and passwords, and created two separate experiences.
Solution
Q2 provided VeraBank with a modernized, unified experience.
The Q2 digital banking platform immediately provided VeraBank with a return on their investment, beginning with a unified, industry leading digital experience. In addition to enhancing the experience for its end users, the switch also improved efficiency in the back office. Team members only need to learn one system, not multiple, saving valuable and resources.
When VeraBank began leveraging the Q2 Innovation Studio fintech partner ecosystem, which complements Q2 solutions the bank was already using, including Centrix PIQS, Q2 Patrol and Q2 Sentinel, its customers found even more relevance, convenience and personalization on their digital dashboards.
Results
Q2 has helped VeraBank achieve the following:
- Net income increased by 11% over the previous year.
- Engagement increased 420% with Q2's integration with MX through Q2 Innovation Studio.
- Chat interactions increased by 91% compared to the previous year, and the number of live chat interactions decreased by 26%.
- Centrix PIQS enhanced compliance reporting and and slashed production time of Nacha-required audits, reporting and compliance for ACH by 50%.
