Q2 helps Stanford FCU gamify member rewards dashboard, roll out new international wire transfer services and deliver a clean, modern interface
AUSTIN, TX (September 15, 2021)— Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced Silicon Valley-based Stanford Federal Credit Union (Stanford FCU) has partnered with Q2 to streamline, simplify and gamify its digital banking experience. Harnessing the Q2 Innovation Studio and Q2's digital banking platform, Stanford FCU launched a new membership rewards dashboard and deployed new revenue-generating services, including faster, less expensive international wire transfers.
Stanford FCU, comprised of members from the Stanford University community and nearby tech companies, including Google, Facebook and Tesla, is the world's first-ever financial institution to offer online banking. They serve a tech-savvy member base that expects seamless, fast-paced innovation to support their financial needs.
"We're constantly looking for ways to make the user experience much more intuitive. Our goal is to let the members do what they want to do as effectively and efficiently as possible, but also make it fun and engaging," said Stanford FCU Chief Product Officer Brian Kissel.
In utilizing Q2 Innovation Studio, Stanford FCU became one of the first U.S. financial institutions to partner with Wise (formerly TransferWise) to offer quicker international funds transfers with lower fees. The online and mobile transfer service is available 24/7, supports 21 currencies, and transacts quickly, often the same day.
"We've certainly seen an uptick of international transfers," said Kissel, pointing to a measurable improvement of member satisfaction and engagement with its digital banking transformation. “We see reviews on Yelp and Facebook and other social media platforms where members are expressing appreciation for the redesign of the user experience," he said. "We also see that some of the features and capabilities that were less utilized are being more utilized."
The Q2 Innovation Studio allows Stanford FCU's small development team to reflect the credit union's reputation for innovation. The Q2 Innovation Studio enables financial institutions to seamlessly assimilate Q2's fintech partners onto their platforms to design, develop and distribute the latest, cutting-edge digital banking products, applications, and features. It is built with Q2's award-winning SDK, which more than 450 financial institutions currently leverage to deliver thousands of differentiated experiences with unprecedented speed, ease, and flexibility.
"We're a lean organization with a modest development team," said Kissel. "Q2 allows us to punch above our fighting weight, and that's good for Stanford FCU and our members."
"Q2 is proud to collaborate with, and innovate alongside, Stanford FCU," said Will Furrer, chief strategy officer, Q2. "Stanford FCU serves a talented, highly educated membership who expect best-in-class technologies in digital banking services. Q2's modern, flexible interface will enable Stanford FCU to remain ahead of the evolving expectations of its tech-savvy membership. We remain committed to delivering seamless, highly differentiated solutions to power end-to-end digital transformation for financial institutions."
With the marketplace demanding constant improvement of the member experience, Stanford FCU is exploring dozens of ideas for further leveraging Q2, such as using clickstream analytics to measure the customer journey.
"Much more functionality has become a need to have, not nice to have," said Kissel. "The table stakes for all financial institutions are going up all the time, which makes innovation and execution that much more important."
To learn more about Stanford FCU's digital transformation story:
- VIDEO: Stanford Federal Credit Union
- CASE STUDY: Q2 Innovation helps Stanford FCU build better member experiences
- BLOG: Stanford Federal Credit Union Transforms Member Experience with Digital Banking Innovations
To learn more about the Q2 Innovation Studio:
About Stanford Federal Credit Union
Stanford Federal Credit Union is a $3.6 billion non-profit financial institution with 77,000 members located in Palo Alto, CA. Founded in 1959 by Stanford University employees, Stanford FCU currently serves Stanford University employees, faculty, alumni and students; as well as worldwide employees of over a hundred other companies headquartered in the San Francisco Bay Area. Stanford FCU’s mission is to improve the financial lives of those in the Stanford community.
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 worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.
Q2 Holdings, Inc.