Q2 Helps 4Front Credit Union Drive $60M in Annual Loan Growth
"The relational aspect of Q2, and allowing others to come into the future digital banking universe, has allowed us to work with other companies and grow."
About 4Front Credit Union
- Headquarters
- Traverse City, Michigan
- Assets Under Management
- $1 billion
- Solutions
- Q2 Digital Banking Platform, Q2 Innovation Studio
Challenge
4Front Credit Union needed third-party solutions integrated within its digital banking experience.
Upon converting to the digital banking platform, 4Front Credit Union quickly recognized the value of its new partnership with Q2. Previously, members were going outside of the credit union to access popular fintech solutions through third-party vendors, and the 4Front team knew there was an opportunity to strengthen primacy if it could provide its members with these types of services directly.
Solution
Q2 Innovation Studio helps 4Front build primacy and trust.
With Q2's best-in-class digital banking platform and Q2 Innovation Studio, 4Front Credit Union is now able to offer fintech solutions directly through the digital banking experience. When members engage with the 4Front's dashboard, the credit union now has the opportunity to serve more of their financial needs. Their members don't need to go elsewhere and can transact directly with the credit union.
4Front leverages pre-built fintech solution integrations such as SavvyMoney through Q2 Innovation Studio and also integrates third-party fintech solutions, like QCash, into its digital banking experience through Q2 Innovation Studio’s robust, award-winning SDK. Doing so has enabled the credit union to offer valuable financial wellness solutions directly to its members and generate significant growth in loan volume without requiring additional marketing or overhead investment. As a result, member engagement and satisfaction has increased with more than a million monthly logins.
Results
Q2's open architecture has helped 4Front Credit Union achieve the following:
- By providing useful tools and fintech offerings through the digital banking platform, 4Front has removed the need for its members to go to third party vendors.
- Monthly log-ins surpassed a million interactions and engagement surged, a testament to the platform's appeal and user-friendly design.
- Members benefited from substantial savings on high-interest/high-fee products, and financial literacy grew.
- SavvyMoney and QCash helped 4Front generate millions in loans without requiring extra marketing.
