Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced its partnership with Alabama-based MAX Credit Union (“MAX”) – which uses both the Q2 digital banking platform and Q2 Innovation Studio. Within MAX’s first year of adopting Q2 Innovation Studio, the 120,000-member credit union has already saved hundreds of thousands of dollars and dramatically sped up the delivery of new digital banking solutions, in some cases by years.
MAX saved $180,000 by creating its own Member Referral Program drawing upon its in-house development team instead of paying for outside resources and waiting for project delivery. Had the Member Referral Program been developed by external contractors outside of MAX, the estimated project delivery was projected to take up to five years. Instead, MAX utilized Q2 Innovation Studio to complete the project within a month. Additionally, MAX CU was able to leverage Q2 Innovation Studio to build a fully featured Member Rewards Program, saving upwards of $50,000.
MAX Credit Union Chief Information Officer Dale Watkins said, “Once we had Q2 Innovation Studio set up, it really took me less than two weeks to create a fully featured Member Rewards Program with dashboards for mobile. When we quoted it out with third-party vendors, it was going to cost us upwards of $50,000 and take six to eight months. Instead, I was able to do this myself in about two days of coding and two weeks of information gathering.
“When our customers win, we win,” said Johnny Ola, managing director of Q2 Innovation Studio. “We are proud to partner with MAX Credit Union as they surge ahead and meet their digital goals. Theirs is a perfect illustration of how Q2 Innovation Studio was intended to be used – to place the power of innovation into the hands of financial institutions. By entrusting their internal development teams and in-house designers, they not only save time and money, they also have full autonomy to carry out their own digital roadmap.”
Q2 Innovation Studio is a portfolio of technologies and programs that seamlessly connects financial institutions (FIs) with Q2’s large catalog of fintech partners that have integrated into the Digital Banking Platform. FIs can also leverage Q2 Innovation Studio to create and distribute cutting-edge digital banking products, services, tools and features far more quickly and inexpensively. Built on Q2’s award-winning, flexible, modern and open digital banking platform, Innovation Studio puts the power of digital banking back into the hands of FIs.
“You can always go pay for vendors, but it often takes eight months to a year and costs a lot to integrate,” Watkins said. “Why hire a third party, pay them money, be put in the queue and wait for them to tell you when they can deliver that solution?”
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