Banking as a Service (BaaS) can benefit financial institutions (FIs). When a sensible strategy combines with innovative technology, new relationships and opportunities emerge.
This is what’s taking place right now at Kansas City’s nbkc. The bank uses Q2 Open to produce a BaaS platform that fintechs and other financial services technology providers use to deliver solutions that:
- Provide banking to the underbanked
- Improve mortgage processes
- Open capital to small businesses
- Facilitate savings and financial wellness initiatives
Profitable partnerships through Q2 Open
The focus of nbkc’s strategy is to serve, identify, and grow a portfolio of fintech companies to meet the immediate and evolving needs of customers of all types. Q2 Open’s CorePro processing platform provides the backbone of nbkc’s BaaS efforts, giving the bank quick oversight and the ability to review a ledger if needed.
CorePro has allowed nbkc to help its fintech partners provide compliant banking services such as debit cards, savings accounts, and checking accounts. Plus, CorePro’s scalability can meet the needs of each fintech partner as they grow.
CorePro’s scalability also allows nbkc to add more fintechs to the BaaS effort. In just the 18 months since it began, nbkc has partnered with 14 fintechs. On ramping the fintechs to CorePro has been effortless and nbkc can accommodate more fintechs in delivering BaaS.
A strategy to work with fintechs simply works
Fintechs across the U.S. are offering various financial solutions by partnering with nbkc. The bank has found fintechs bring rich ideas to the table and continue to open market opportunities for mutual benefits. Among the fintechs successfully partnering with nbkc are Austin-based Joust and Cupertino-based Pluto Money.
A commitment to work with fintechs has served nbkc well, and the bank continues to help fintech talent through Kansas City’s Fountain City Fintech, a vertically integrated partnership accelerator. Given the opportunities, nbkc has a strategy that is working well.
Besides nbkc, other FIs and fintechs are putting Q2 Open with the CorePro API platform to good use. In future blogs, we’ll showcase their efforts. Meanwhile, learn more about Q2 Open BaaS.
