In today’s era of embedded finance, everything is available as a service. Digital banking services company Q2 is at the leading edge of this trend, offering a range of solutions for banks’ retail clients, their commercial customers, and fintechs.
Many fintechs sell an “as-a-service” offering that focuses on a single aspect of banking. Q2, however, takes a more holistic approach. Here’s a look at some of the company’s embeddable offerings.
Q2’s consumer solutions include remote onboarding, PFM tools, remote deposit check capture, lending tools, marketing offers, behavioral biometrics, and authentication. The company helps banks leverage client data using machine learning technology that brings the necessary intelligence to effectively market new products to customers.
On the commercial side of things, Q2 can aid with account opening, loan origination, ERP integration, and scalable tools to suit a range of business sizes.
Q2 offers fintechs both lending-as-a-service and banking-as-a-service tools to integrate into their existing offerings. The former focuses on the application, approval process, and loan funding, while the latter offers bank accounts, debit cards and payment solutions without the need to partner directly with a traditional bank.
In addition to these embedded finance offerings, Q2 is venturing into the bank-fintech collaboration space. In a Best of Show winning demo at FinovateFall last month, Q2 launched its Partner Marketplace, an app store integrated within the company’s digital banking platform. Fintechs can upload their tools on the platform’s app store and banks can browse the offerings they’d like to integrate.
By relying on fintechs to bring the tech, the Partner Marketplace broadens Q2’s reach as a provider of embedded finance. The company offers banks access to a variety of fintech solutions that range beyond what Q2 itself is able to create or provide.
For fintechs, the marketplace lowers customer acquisition costs by making the startups’ solutions visible to Q2’s network of bank partners on the platform. It also helps with integration and deployment– after integrating with Q2’s digital banking platform, fintechs can offer their product to 400+ banks and credit unions, one million businesses, and 16+ million end users.