New Turnkey Solution Allows Financial Institutions to Compete with Challenger Banks by Deploying a Bank-in-a-Box in 30 days; New Solution to be Demoed at the FinovateSpring Virtual Event
AUSTIN, TX (May 10, 2021)—Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced its participation with mobile financial service provider Moven in the virtual FinovateSpring event on May 11, 2021. Q2 and Moven will demo their new turnkey challenger Bank-in-a-Box solution that can be deployed in financial institutions (FIs) in as little as 30 days.
FinovateSpring brings together over one thousand senior-level attendees from fintech companies and FIs. The event gives attendees the ability to network, connect, collaborate, and learn about the latest innovations in the fintech space.
Using a combination of Q2’s core processing system for Banking as a Service, CorePro, and Moven’s award-winning financial wellness app, Q2 and Moven have developed a turnkey digital challenger strategy to solve the competitive threat of neobanks (financial technology firms that offer internet-only financial services and lack physical branches) for community and regional banks and credit unions. This collaboration brings Open Banking to customers in a way that’s never been done before.
Demonstrating this solution during FinovateSpring will help FIs understand the need to protect their current and future customer relationships from emerging digital challenger banks, get a sense of where the banking industry is headed, and understand how they can better serve their customers with innovative technology, even if that means launching their own challenger bank.
“The new bank account is being defined by a different set of rules. Low friction, engaged customer base, differentiated distribution, and strong digital (mobile and web) support are all the rage, but at the core is a new approach to the basic day-to-day bank account,” observes Brett King, Founder and Executive Chairman of Moven. “This new approach is also core agnostic, which means there are huge opportunities in building banks from the customer up, rather than from the banker down.”
“Until now, a digital challenger strategy requires financial institutions to endure a prohibitively long, expensive journey. Q2 and Moven are giving banks a short, easy and cost-effective alternative to their current approach,” said Rahm McDaniel, vice president of Strategic Solutions at Q2. “We couldn’t be more excited to demo this collaboration during FinovateSpring and begin helping FIs across the world take challenger banks head on.”
To register to attend FinovateSpring and watch Q2 and Moven’s demo, sign up here.
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.
Moven has been the leader in banking innovation and technology for over a decade. Banking partners around the globe rely on Moven’s patented Financial Wellness Platform to deliver real-time insights to their customers resulting in reduced attrition, increased engagement, and bottom-line revenue expansion. Awarded the first-ever patent for financial wellness in 2019, Moven has been steadily improving the financial lives of millions of users around the world. To learn more, visit www.moven.com.
Q2 Holdings, Inc.