Q2 Helps Stanford Federal Credit Union Transform Its Digital Banking Experience

Rhea-AI Summary

Q2 Holdings (NYSE:QTWO) announced its partnership with Stanford Federal Credit Union to enhance digital banking services. This collaboration includes launching a new membership rewards dashboard and offering international wire transfer services with low fees and fast transactions. Stanford FCU emphasizes user experience, aiming for greater satisfaction among its tech-savvy members. The integration of Q2's Innovation Studio enables Stanford FCU to implement cutting-edge solutions quickly, reinforcing its commitment to innovation in banking.

Positive

• Partnership with Stanford FCU to enhance digital banking services.
• Launch of a membership rewards dashboard and international wire transfer services.
• International transfers show measurable improvement in member satisfaction.
• Q2's Innovation Studio allows for rapid implementation of new digital solutions.

Negative

• None.

Q2 helps Stanford Federal Credit Union gamify member rewards dashboard, roll out new international wire transfer services and deliver a clean, modern interface

AUSTIN, Texas--(BUSINESS WIRE)-- 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:

• Q2 Innovation Studio Overview
• Q2 Innovation Studio Video
• Request a Demo

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005553/en/

Jean Kondo

Q2 Holdings, Inc.

+1 510-823-4728

jean.kondo@Q2.com

Source: Q2 Holdings, Inc.

FAQ

What is the recent partnership between Q2 and Stanford FCU?

Q2 Holdings partnered with Stanford Federal Credit Union to enhance digital banking experience by launching a new membership rewards dashboard and international wire transfer services.

How does the partnership benefit Stanford FCU members?

Members benefit from a gamified rewards dashboard and faster, cheaper international wire transfers, improving overall member satisfaction.

What technology does Q2 provide to Stanford FCU?

Q2 provides its Innovation Studio, enabling Stanford FCU to quickly integrate advanced digital banking solutions.

What services are included in Stanford FCU's new offerings?

The new offerings include a membership rewards dashboard and international wire transfer services supporting 21 currencies.

What were the results of Stanford FCU's digital banking transformation?

Stanford FCU reported an uptick in international transfers and improved member engagement and satisfaction with the digital banking experience.