Hank Seale, Founder, Q2Hank Seale, Founder
The onset of the COVID-19 pandemic has hampered and transformed every industry. Businesses suffered unprecedented losses and witnessed a decline in profits from sluggish growth in sales. Although the financial institutions were one of the hardest-hit services, on the other hand, it has also impacted the digital banking market positively. This crisis period has become an opportunity for financial institutions to adopt and effectively use digital offerings providing alternatives to in-person banking and physical exchanges, owing to lockdowns and restrictions. A recent survey revealed that 35 per cent of consumers had increased the use of online banking since the COVID-19 crisis. As the trend suggests, it is imperative that banks and credit unions understand the expectations of customers to develop business models and the digital delivery of their products and services. In addition, the crisis also presents an opportunity to make cost savings in a volume business and provide advice-intensive hybrid solutions for high-income segments of the customer base. However, traditional banks offer a wide range of financial services but are unequipped for digitisation.

  • The FinX philosophy spans everything Q2 does, from product development and platform architecture to how we hire, and more

The lockdown has clearly demonstrated the urgent need for the rapid advancement of digitisation in the banking and finance industry. Even though most banks across the world have a set of digital processes that support their operations, the pandemic exposed their unpreparedness and inefficiency to serve customers in the time of need. Furthermore, customers expect all channels of a digital bank to provide a consistent experience. A unified, innovative and customer-centric solution that can cater to complex or more individualised banking services will help establish a seamless digital banking experience. This is where Q2 has carved a niche for itself. The company is dedicated to tailoring the financial experience for digital banking and lending solutions of banks, credit unions, alternative finance, and fintech companies across the globe with comprehensive end-to-end solutions. Q2 enables its partners to offer a cohesive, secure, data-drivenexperience to every account holder from consumer to small business and corporate. “We work with the traditional must-haves of digital banking such as feature functionality, operational excellence, integrations and add the next-generation of innovation including data-driven insights, open technology, and a unique approach to problem solving called design thinking,” - Hank Seale, Founder of Q2.

Tailoring a Flexible and Valuable Customer Experience

Today, business banking platforms are often one-size-fits-all solutions that force small businesses to purchase unnecessary features or larger ones to undergo advanced functionality.

We work with the traditional must-haves of digital banking such as feature functionality, operational excellence, integrations and add the next-generation of innovation including data-driven insights, open technology, and a unique approach to problem solving called design thinking

Forcing these standardized solutions onto different businesses makes it harder to build trust and attract high-value business account holders.“The FinX philosophy spans everything Q2 does, from product development and platform architecture to how we hire, and more,” - Hank Seale, Founder of Q2. Using its unique ‘FinX’ philosophy—Q2 has reimagined the digital banking experience by offering multiple tiers of features to choose from, all designed with a user-first approach that provides an intuitive, easy-to-use interface compatible with tablets and smartphones. This unified, high-productivity solution delivers a flexible, efficient, and positive experience for all business users, from sole proprietors to enterprise-level account holders. By offering multiple tiers of business banking functionality, Q2 enables financial curation of an enhanced and relevant experience for all users. The company’s pre-integrated stack and single API works seamlessly with a user’s pre-existing products and eliminates the need for them to combine and manage disparate systems.

Q2’s Digital Banking Platform was specifically designed to be highly customizable and extensible. The company has embraced open APIs and cloud-based solutions that help their users to connect seamlessly to more than 40 core systems, as well as over 300 third-party solutions, for features like mobile deposit capture, payment processing, and personal financial management.

As every financial institution has its own needs, vendors, and capabilities—Q2 provides a range of implementation, customization, and development options to fit each of them. The company offers a comprehensive, full-stack software development kit, as well as APIs for add-on products and even a fully open core processor that enables users to build compliant banking products from scratch.

Bridge the Gap between Physical and Digital Banking Interactions

Q2 Human Digital Experience (HDX) provides back-office data and servicing capabilities to Financial Services Cloud via a managed package. This gives users a single, comprehensive CRM interface to manage customer relationships. Instead of juggling between multiple systems to meet account holders’ needs, Q2 HDX enables users to merge digital and in-person interactions to help them provide a seamless customer service.

Through the company’s platform, banks have access to digital engagement metrics and customer journeys which can be used for creating leads, referrals, and opportunities. Users can reset passwords, manage TAC/SAC codes, and even take control of account holders’ screens.

By referencing the same screen as customers, enables admins to replicate their issues and help them make payments, deposits, transfers, and more. In addition, the company’s proprietary dispute management system helps u regulatory issues to bank partners. Q2’s pre-built integrations with leading KYC providers identify more fraudulent users and increase auto-approvals with the need to answer clunky “Out of Wallet”/ KBA questions. Admins can also originate ACHs to and from users’ external accounts to enable easy and cost-efficient account funding.

To further illustrate the efficacy of Q2’s platform, we cite a case study where a prominent bank in the USA serves account holders with high expectations—specifically, large business clients who demand complex commercial capabilities, as well as exceptional user experiences. Dedicated to meeting these requirements, the bank approached Q2 to evaluate and improve its processes and address account holder needs for a more efficient service. In reviewing the account holder experience, Q2 identified discrepancies between descriptions in online banking vs what would appear in the statements produced from the core; The bank needed to provide the back-office team with the ability to address this issue in real-time, among multiple vendors, without having to open support cases with third-party fintechs. Q2 identified adjustments that improved the account holder experience while creating efficiencies for bank staff. The company employed custom forms via its HDX platform to streamline back office functions. Q2 also implemented the Centrix Payments I.Q. System (CentrixPIQS™) to ensure compliance, mitigate risk and better manage ACH and other payment activity. By utilizing PIQS, the bank was able to reduce a considerable quantity of staffing hours and convoluted manual activities from the process.

Online Banking Simplified

In 2004, Hank Seale set out to build stronger and more diverse communities by strengthening their financial institutions. Seale knew that technology had massive potential to help financial institutions to transform their businesses, but the fragmented traditional approach of early internet banking vendors was only creating more cost and complexity for financial institutions to manage. Hank wanted to design a future-proof solution that could help financial institutions compete and grow, a single platform that integrated all of the financial institution’s legacy technology. Since then, the company has been designing and delivering software that creates meaningful financial experiences and supports lasting customer relationships. Today, one out of 10 digital banking customers in America uses Q2’s platform to support banking services.