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Q2 Helps Utah Community Credit Union Achieve Significant Growth by Attracting Younger Members
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Q2 Holdings, Inc. (NYSE: QTWO) has announced that Utah Community Credit Union (UCCU) utilized its digital banking platform to enhance banking experiences for tech-savvy members. Key outcomes include a 25% reduction in call volume, a 65% increase in assets, and over 1,000 new savings accounts opened within 24 hours of implementing Q2 Goals™. Online banking traffic and external transfers surged from 30 to over 1,000 daily. UCCU's asset growth and member satisfaction reflect successful digital transformation since partnering with Q2 in 2017. Leaders from both organizations emphasized the importance of adapting to evolving customer needs.
Positive
25% reduction in call volume year-over-year.
65% increase in asset size since partnership with Q2.
1,000 new savings accounts opened in the first 24 hours of Q2 Goals™ implementation.
Daily external transfer volume increased from 30 to over 1,000.
Negative
None.
Credit Union harnesses the power of Q2’s digital banking platform and its financial wellness solutions to meet the expectations of tech-savvy accountholders
AUSTIN, Texas--(BUSINESS WIRE)--
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, today announced that Utah Community Credit Union (UCCU) has transformed its digital banking experience to meet the expectations of younger account holders while achieving significant business outcomes, including new account openings, increased member satisfaction, decreased call volume and growth in external transfers.
UCCU’s CIO Justin Olson said, “We have experienced extraordinary growth in both assets and members over the last five years, which speaks highly of the direction we've gone with our technology through our partnership with Q2. Overall, assets are up. New member growth is strong. Loan growth is strong. Online and mobile banking traffic and transactions are up significantly.”
Olson said, “In the first 24 hours of launching Q2 Goals™, we had a thousand new savings goals accounts opened without requiring any employee intervention. It was all automated. It’s been a great opportunity for us to reach out to members and connect with them in a new way. We pride ourselves in helping our members be financially stronger. We can see our members are financially better off for having banked with us than if they were somewhere else. That's a big deal.”
Since UCCU began its partnership with Q2, it has deployed many of Q2’s pre-integrated solutions available through the Q2 digital banking platform. Recent results include 1,000 new savings accounts opened in the first 24 hours of its implementation of Q2 Goals™, a 25% decrease in call volume year over year, a 65% increase in asset size and a daily increase in external transfers from 30 to over a thousand.
“What’s also really improved is external transfers,” said Stirling Ogden, Director of UCCU’s Online Services. “Our external transfer volume went from 20 - 30 a day to about a thousand a day. We had so many different vendors to tie into our online banking, but now Q2 has that integrated for us. It used to take members three to five business days to link an external account. Now, the workflow through Q2 is so simplified that members can have their account linked and verified in a day because it's simple, visible and intuitive.”
UCCU – a $2.58 billion community credit union based in Provo, Utah – serves more than 220,000 members across multiple generations. The organization is rooted in the credit union philosophy of “people helping people” and built on traditional values of commitment to outstanding service, respect for others, and fiscal responsibility, and began its partnership with Q2 in 2017.
Dallas Wells, senior vice president of Product Management, Q2 said, “Q2 is pleased to help Utah Community Credit Union fulfill its vision of being the most loved, most trusted, and most utilized credit union in the nation. We know that consumers of all ages demand digital banking tools that simplify their financial lives, are easy to use, and are accessible through the device of their choice. Q2 looks forward to continuing our partnership with UCCU by staying relevant and always a step ahead of the evolving expectations of account holders.”
Founded in 1955, Utah Community Credit Union (UCCU) is an organization rooted in the credit union philosophy of "people helping people" and built on traditional values of commitment to outstanding service, respect for others, and fiscal responsibility. We hold ourselves to the highest standards of honesty, professionalism, and integrity and are committed to achieving excellence in operations, products, and member service. With consistent and reliable service delivery, we create trusting relationships with our members. We are a member-centric organization. Our decisions at all levels are based on what is in the best interest of the member, while maintaining a financially strong and stable organization.
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 throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.
What recent success did Q2 Holdings (QTWO) achieve with Utah Community Credit Union?
Q2 Holdings announced significant enhancements in UCCU's digital banking experience, highlighted by a 25% decrease in call volume and a 65% increase in assets.
How has Q2 Goals™ impacted UCCU's member engagement?
In the first 24 hours of launching Q2 Goals™, UCCU opened 1,000 new savings accounts without employee intervention, demonstrating automation success.
What is the stock symbol for Q2 Holdings, Inc.?
The stock symbol for Q2 Holdings is QTWO.
How did external transfer volume change for UCCU after partnering with Q2?
External transfer volume increased dramatically from 20-30 transfers per day to over 1,000 transfers daily.
When did Q2 Holdings start its partnership with Utah Community Credit Union?
Q2 Holdings began its partnership with Utah Community Credit Union in 2017.
