Q2 Banking as a Service (BaaS) provides a way for banks, credit unions, fintechs and other financial services companies to extend their offerings, build bespoke banking solutions, and enter other locations without requiring a brick-and-mortar presence. Using APIs and the lightweight core technology of CorePro, Q2 BaaS creates the means to move away from legacy cores and time-consuming development approaches to create today’s sought-after financial solutions.
Q2 BaaS helps get solutions to market faster while meeting the pressing needs and high expectations of digital customers – both consumers and businesses. In fact, Q2 BaaS is proving helpful to financial organizations and their account holders as the COVID-19 pandemic continues to define “the new normal.” And because CorePro is highly scalable, it helps remove the aggravation often tied to growth.
How can Q2 BaaS specifically help our institution?
Q2 is asked this question often. To shed some light on the topic, this blog highlights some recent success stories and presents several ways Q2 BaaS can elevate the customer experience.
Offer high-yield savings
An online personal finance platform sought to offer high-yield savings accounts in the U.S. By leveraging Q2 BaaS (which includes a strategic bank partnership, and vendor partnerships like Socure that provide identification verification services) the fintech is well positioned to provide excellent member experiences and meet ambitious growth goals. With Q2 BaaS helping the fintech take quick advantage of changing rates to optimize savings, it can continue to deliver great experiences and expand its customer base.
Provide DDAs and debit cards
Another fintech provides an automated investing platform that helps customers manage their money through cash management, guided investing, and retirement planning. It sought to provide demand deposit accounts (DDAs) and a debit card program and turned to Q2 BaaS to make it happen. With CorePro driving these offerings, the company is extending its digital footprint and attracting more business. Q2 BaaS provided the optionality and scale to enable this client to grow based on their objectives.
Bring millennials account and card options
Another fintech uses CorePro to facilitate its DDA and debit card offerings to provide its members more financial options in the mobile channel. This fintech, a provider of a personal finance app designed to motivate users to save money through gamification of their spending behavior, has a large millennial customer base. CorePro has been pivotal in getting financial products to its mobile-first base quickly and efficiently. Q2’s visibility and stake across the “full stack” creates a long-term, focused partnership that gears the business model to enable differentiated growth.
Establishing friend and family banks
The provider of a pooled savings service that allows friends and family to save together has created a savings product with CorePro. Group investors can open their own bank account and set up ACH to get started. CorePro, again, has been instrumental in bringing a fintech vision to reality, providing more banking options to these groups. Q2 BaaS capabilities and knowledge across the balance sheet (banking, lending, and investing) helps fintechs like this evolve their offerings over time and gives them a competitive advantage to design game-changing financial products.
Q2 BaaS – Providing many options for customers and prospects:
- Establish funding reserves
- Save for retirement
- Invest
- Make payments
- Provide lending
- And more
Learning more about Q2 BaaS
Read 3 Requirements to Offering Banking Services (Without Being a Bank). In this white paper, Q2 presents three crucial pieces to offering BaaS and gives more details about CorePro.
Watch for more blogs about Q2 BaaS. Learn more about Q2 BaaS and start a conversation here.
