Helix Helps Fidelity Bank Launch New Digital Bank to Serve Communities Across Louisiana

Rhea-AI Summary

Fidelity Bank partners with Helix by Q2 to launch ANDI, a digital bank in Louisiana, offering deposit, lending, and financial wellness solutions. ANDI aims to provide accessible digital banking services to customers, especially students and the underserved.

Insights

Financial Analyst

The launch of ANDI, Fidelity Bank's new digital bank, is a strategic move aimed at capturing a broader customer base by leveraging technology to overcome geographical limitations. By offering digital banking services, Fidelity is positioning itself to tap into the growing demand for convenient, accessible financial services, particularly among younger demographics and underserved communities. This expansion is likely to contribute positively to Fidelity's deposit growth and customer acquisition metrics, which are key drivers of a bank's revenue and profitability.

ANDI's introduction of financial wellness solutions and rewards programs also indicates a focus on customer retention and engagement, which can enhance the lifetime value of customers. The partnership with Helix by Q2 for a cloud-based core banking system suggests reduced operational costs due to the scalability and efficiency of cloud computing. This could translate into improved margins over time. However, the success of this initiative will depend on the bank's ability to effectively market the new platform and ensure a seamless user experience to drive adoption.

Market Research Analyst

The digital banking sector is highly competitive, with numerous players vying for market share. Fidelity Bank's entry with ANDI needs to be differentiated to capture attention in this crowded space. The focus on financial wellness and full account aggregation could be a distinguishing feature that resonates with a segment of the market seeking more than just transactional banking.

Market research would suggest that the target demographics, such as college students and underserved populations, are increasingly digitally savvy and likely to be attracted to platforms that offer convenience and personalized services. The long-term impact on the market will depend on user adoption rates and the ability of ANDI to keep pace with rapidly evolving consumer expectations and technological advancements in the fintech space.

Technology Analyst

Adopting Helix's cloud-native core banking system is a significant technological advancement for Fidelity Bank. The move away from legacy systems to a more agile, scalable cloud-based infrastructure can provide the agility needed to rapidly adapt to changing market demands and customer needs. This technological edge could be pivotal in driving innovation and operational efficiency.

The banking industry is witnessing a shift towards such platforms that allow for easier integration of new features and services. While this represents a forward-thinking approach, it also raises questions about cybersecurity and data privacy, which are paramount in the financial sector. The effectiveness of ANDI's security measures will be critical in maintaining customer trust and ensuring regulatory compliance.

Customers across Louisiana now have access to digital banking services through ANDI, Fidelity’s new digital bank

AUSTIN, Texas--(BUSINESS WIRE)-- Helix by Q2 (NYSE: QTWO), an award-winning, cloud-native core purpose-built for embedded finance, today announced that Fidelity Bank, a Louisiana-based bank founded in 1908, has launched a new digital bank, powered by Helix. ANDI, a division of Fidelity Bank, is a fully digital bank established to help Fidelity Bank reach customers across Louisiana who are not near a branch and offers deposit, lending and financial wellness solutions.

ANDI, which stands for “A New Day In Banking,” provides debit accounts, savings accounts, credit cards and personal unsecured loans. ANDI also provides financial wellness solutions with full account aggregation, wish list management, and rewards and benefits programs. Helix’s lightweight cloud-based core enables ANDI to deliver a seamless, simple banking experience.

“Fidelity Bank established ANDI to meet the evolving needs and preferences of customers in today’s digital age,” said Chris Ferris, President & CEO at Fidelity Bank. “Additionally, with many communities experiencing bank consolidations and closures, ANDI aims to fill the void and provide access to digital banking services. Our goal is to empower customers to bank anytime, anywhere, and simplify their financial lives.”

Established in 1908, Fidelity Bank set out to serve those in Louisiana by remaining client focused, community minded, financially stable and operationally sound. As the years progressed, Fidelity Bank looked for new ways to serve its customers. Understanding that many customers may want to bank digitally, Fidelity created its digital division, ANDI, to help expand into new markets, reach new customers, especially students and the underserved, and provide expanded ways to help their customers save, grow deposits, and increase their financial literacy.

“We’re excited to partner with Fidelity Bank to bring their vision of ANDI to life and make financial services more accessible to college students and underserved communities across Louisiana,” said Ahon Sarkar, general manager of Helix by Q2. “With Helix’s lightweight cloud-based core, financial institutions no longer need to rip and replace their legacy core systems to deliver personalized digital products. We’re looking forward to our continued partnership with Fidelity Bank as they serve their customers with innovative products.”

“Q2 has been a partner of Fidelity Bank for several years and we’ve watched their growth in digital banking for a long time,” said Randy Baker, COO at Fidelity Bank. “Collaborating with Helix by Q2, we are navigating the frontier of financial technology, where innovation is redefining the banking experience and driving a future of bank core customization and customer satisfaction."

To learn more about Fidelity Bank’s ANDI, please visit: https://andi.bank/.

About Helix by Q2

Helix’s award-winning Banking-as-a-Service platform gives innovative fintechs and brands the building blocks of banking — accounts, cards, payments, data and controls, admin tools, and monetization solutions — to make it easy to embed personalized financial experiences that easily integrate and scale. For more information on Helix, visit helix.Q2.com. Follow us on LinkedIn and X to stay up to date.

About Q2 Holdings, Inc.

Q2 is a leading provider of digital transformation solutions for financial services, serving banks, credit unions, alternative finance companies, and fintechs in the U.S. and internationally. Q2 enables its financial institutions and fintech companies to provide comprehensive, data-driven digital engagement solutions for consumers, small businesses and corporate clients. 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. Follow us on LinkedIn and X to stay up to date.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240319594173/en/

Maria Gari

Q2 Holdings, Inc.

Maria.gari@q2.com

Source: Q2 Holdings Inc.

FAQ

What is the name of the new digital bank launched by Fidelity Bank in Louisiana?

The new digital bank launched by Fidelity Bank in Louisiana is called ANDI.

What does ANDI stand for?

ANDI stands for 'A New Day In Banking'.

What services does ANDI offer?

ANDI offers debit accounts, savings accounts, credit cards, personal unsecured loans, financial wellness solutions, account aggregation, wish list management, rewards, and benefits programs.

Who is the President & CEO of Fidelity Bank?

Chris Ferris is the President & CEO of Fidelity Bank.

What is the goal of ANDI, the digital bank launched by Fidelity Bank?

The goal of ANDI is to empower customers to bank anytime, anywhere, and simplify their financial lives.