Q2 and CloudKaptan Help Prompt Financial Solutions Drive Growth by Transforming the Lending Experience

Rhea-AI Summary

Q2 Holdings (NYSE:QTWO) has partnered with Prompt Financial Solutions and CloudKaptan to enhance the entire loan process, resulting in a 20-fold increase in loan volume and 10-fold growth in loan size. This transformation enables funding within 2-3 business days, attracting over 6,000 mortgage brokers. A new mobile app and 35-50 additional loan products are also being launched. The collaboration significantly improves operational efficiency and user experience.

Positive

• 20-fold increase in loan volume.
• 10-fold growth in loan size.
• Reduced administrative burden and credit risk.
• Funding delivered within 2-3 business days.
• Attracted over 6,000 mortgage brokers.

Negative

• None.

Ontario-based digital home lender Prompt Financial Solutions attracts more than 6,000 mortgage brokers and increases loan volume by 20 times and loan size by 10 times

AUSTIN, Texas--(BUSINESS WIRE)-- Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, has announced Ontario-based digital home lender Prompt Financial Solutions (“Prompt Financial”) has partnered with Q2 and CloudKaptan to unify and automate the entire loan process lifecycle on a single platform, from the application to funding decisioning, servicing and repayment.

With Q2 Lending, Prompt Financial reduced its administrative burden and credit risk while streamlining the entire user experience with a modern, simple workflow. With its fast, new scalability and flexible technology stack, Prompt Financial can deliver funding within 2-3 business days. By harnessing the innovation and flexibility of Q2 Lending, Prompt Financial attracted more than 6,000 mortgage brokers. The convenient and accessible user interface empowers quick decisioning, while also reducing the administrative burden. And brokers can conduct business virtually, at the time of their choice, using the device of their choice. As a result, its mortgage lending business has grown by 20 times in loan volume and 10 times in loan size.

“This has been a true digital transformation of our business from the inside out,” said Prompt Financial’s Reporting Analyst Daniel Goldsmith. “When CloudKaptan brought in Q2 Lending, we experienced a smooth and fast evolution. Starting with the successful launch within just 12-14 weeks, our data management was completely transformed from a clunky, slow system to a highly efficient and unified workflow that is easily customized to meet the needs of all users.”

Prompt Financial is continuing its trajectory with the launch of a new mobile app for mortgage brokers and the addition of 35-50 new loan products, all supported by Q2 Lending and CloudKaptan. “One of the biggest improvements is workflow,” said Goldsmith. “The fact that our entire team can check statuses from an underwriter, administrator, customer service representative or anyone else, and that everyone can see exactly where things are in the process has changed our business.”

“We are excited to partner with forward-thinking, innovative companies such as Prompt Financial to transform the borrower experience,” said Dallas Wells, senior vice president of Product Management, Q2. “Prompt Financial has achieved exemplary results with Q2 Lending, improving operational efficiencies while dramatically increasing loan volume. We are proud to support Prompt Financial’s vision and continued success.”

“Automation and digital transformation of lending businesses is at the core of what we do at CloudKaptan,” said CloudKaptan Managing Director, Manoj Agarwal. “We are glad to partner with Q2 on this journey to help Prompt Financial improve its customer experience with a state-of-the-art lending solution.”

To learn more about Q2, CloudKaptan and Prompt Financial:

Case Study: Prompt Financial Sees 20x Loan Growth with Q2 Lending and CloudKaptan

Blog: Q2 and CloudKaptan Help Prompt Financial Solutions Transform and Grow its Mortgage Lending Business 20-Fold

About Q2:

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.

To learn more about Q2 Lending, visit: https://www.q2.com/product/cloud-lending.

About CloudKaptan:

CloudKaptan is an IT services company focused on helping customers transform their business by leveraging Salesforce platform and Q2 product suite. It is the first and the largest partner of Q2 Lending with 50+ implementations across the globe with experience across the product suite. CloudKaptan is a next-generation IT company with specialization in Lending Domain, Data Warehousing, BI Capabilities, and Salesforce providing innovative services to customers globally. In addition, they also provide development services on the latest front-end technologies to build Portals that help clients in this digital age. It has been in operations for over 8+ years now with over 180 associates located in Kolkata, India. To learn more visit cloudkaptan.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005315/en/

Carly Baker

Q2 Holdings, Inc.

+1 210-391-1706

Carly.baker@q2.com

Source: Q2 Holdings, Inc.

FAQ

What is the partnership between Q2 Holdings and Prompt Financial Solutions?

Q2 Holdings has partnered with Prompt Financial Solutions and CloudKaptan to automate and unify the loan process, significantly improving efficiency and loan volume.

How much did Prompt Financial Solutions grow its loan volume?

Prompt Financial Solutions experienced a 20-fold increase in loan volume after partnering with Q2 Lending.

What improvements did Q2 Lending bring to Prompt Financial Solutions?

Q2 Lending reduced administrative burdens, streamlined workflows, and enabled faster funding within 2-3 business days.

How many mortgage brokers did Prompt Financial attract?

Prompt Financial Solutions attracted over 6,000 mortgage brokers due to its improved user interface and quick decisioning.

What new products are being launched by Prompt Financial Solutions?

Prompt Financial is launching a new mobile app and adding 35-50 new loan products.