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Q2 Helps Axos Bank to Increase Direct Deposit Volume by 30 Percent for Q2 ClickSWITCH Accounts
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Q2 Holdings, Inc. (NYSE: QTWO) has partnered with Axos Bank to enhance customer engagement via Q2 ClickSWITCH, facilitating easy switching of direct deposits. This collaboration has resulted in a 30% increase in direct deposit volume for accounts associated with ClickSWITCH. The solution leads to a seamless user experience, with 80% of customers engaging with the feature and 70% maintaining regular deposits. Overall, Axos Bank is improving customer relationships and financial metrics, showcasing the effectiveness of Q2's digital solutions in the financial services sector.
Positive
30% increase in direct deposit volume for ClickSWITCH-associated accounts.
70% of transactions remain as regular ongoing deposits.
80% engagement rate among customers viewing ClickSWITCH feature.
80% completion rate for direct deposit rerouting requests.
Improved customer relationships leading to higher average balances and additional financial products.
Negative
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Axos Bank boosts customer engagement and profitability with Q2 ClickSWITCH by enabling account holders to switch direct deposits and automatic payments quickly and securely
AUSTIN, Texas--(BUSINESS WIRE)--
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, today announced San Diego-based Axos Bank (“Axos”), a technology-driven financial services company, has partnered with Q2 to increase direct deposit volume and boost customer engagement. By harnessing Q2 ClickSWITCH, Axos has increased direct deposits by 30 percent for Q2 ClickSWITCH-associated accounts and generated deeper customer relationships by establishing itself as the primary bank for its customers.
Q2 ClickSWITCH, a patented digital account switching software-as-a-service (SaaS) solution, enables financial institutions (FIs) to speed up and simplify new account onboarding by allowing customers to quickly, securely and effortlessly switch their existing direct deposits and automatic payments.
Axos Bank Vice President of Consumer Product Management Mike Copans said, "By partnering with Q2 and deploying ClickSWITCH, our customers now have a simple way to instantly re-route their existing direct deposits over to their Axos accounts. Customers love it because it eliminates the headaches, paperwork and delays. We love it because it improves our bottom line and lets us leverage innovation to declutter the customer experience. The benefits are noticeable, and they continue to grow.”
“We are pleased to partner with Axos Bank, one of the nation’s oldest and most trusted digital banks, to transform their accountholder onboarding experience,” said Dallas Wells, SVP of Product Management, Q2. “Today’s announcement illustrates yet another way that Q2 helps banks and credit unions innovate faster, with freedom and flexibility. When we acquired ClickSWITCH, it was an investment in our mission of building strong and diverse communities by strengthening financial institutions. Deposits are the lifeblood of any financial institution, and we are glad that Q2 ClickSWITCH is delivering results, day after day, for Axos and its accountholders.”
By using Q2 ClickSWITCH, Axos Bank was able to achieve the following:
More deposits – with a 30 percent boost in overall deposit volume for Q2 ClickSWITCH-associated accounts.
Recurring deposits – with 70 percent of transactions continuing to be received in regular, ongoing Axos deposits.
Exceptional user experience – with 80 percent of customers who view the ClickSWITCH feature on the Axos online banking platform engaging with it. Of those who engage, 80 percent complete a request to reroute direct deposits to their Axos accounts.
Long-term benefits – with more customers choosing Axos as their primary financial relationship, the bank is able to achieve higher average balances, offer more financial products, and enhance their customer relationships.
Customer satisfaction – helped customers save time and resources by transforming a fragmented and tedious workflow, which included manual paperwork and outreach to individual payroll providers or payors, to an automated process requiring just a few clicks.
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.
About Axos Bank
Born digital, Axos Bank empowers smarter money choices by offering a full suite of banking, investing, and personal financial management tools in one convenient place. Through its proprietary online banking platform, Axos gives customers access to a range of award-winning banking products built around competitive interest rates and no-to-low fees. Axos Bank holds over $16 billion in assets and is a wholly owned unit of Axos Financial, whose common stock is listed on the NYSE under the symbol "AX" and is a component of the Russell 2000® Index, the KBW Nasdaq Financial Technology Index, and the S&P SmallCap 600® Index. For more information about Axos Bank, please visit Axosbank.com.
