Moven and Q2 Team Up on Bank-in-a-Box Initiative

A turnkey digital bank-in-a-box that can be deployed in as little as 30 days? That’s the product of a new partnership announced this week between a pair of Finovate alums: data-driven financial wellness innovator Moven and digital banking services provider Q2.

“Working with Q2 allows banks of all sizes to accelerate their consumer facing digital offering,” Moven CEO and CRO Kesh Talwar explained. “Having a complete view of customer financial behavior, along with Moven’s data analytics, will increase contextual customer engagement. He added that better customer engagement will lead to “lower attrition rates, increased revenues and acquiring new customers digitally at a lower cost.”

Initially, the collaboration will focus on the integration of Moven’s data aggregation and savings tools with Q2’s cloud-based core processor, CorePro. This will enable them to offer banks and credit unions an instant deployment solution with real-time alerts and notifications, as well as account issuance for savings and demand deposits accounts. The offering also includes features such as instant external account verification, wishlist savings, and an emergency account.

“We are thrilled that Q2’s CorePro system was selected by Moven to power this initiative,” GM of Q2 BaaS Paul Walker said. “Now any bank can have its own Marcus or Chime in a matter of a few weeks.”

The partnership is the latest evidence of Moven’s shift toward leveraging its financial wellness and behavioral data technology and away from the direct to consumer / neobank model of years past. Fintech expert and advisor Bryan Clagett, who approached both Moven and Q2 over the summer to discuss compatibilities between the two firms, underscored the importance of this strategy. “Digital banking, as we know it, is evolving quickly,” he said “and bringing together fintechs organizations that have complementary competencies is key to the future of the financial services industry.”

Founded in 2011 and becoming a Finovate alum after its debut at FinovateEurope two years later, Moven announced a partnership with Saudi Arabia’s STP Pay this spring. The New York-based company has raised more than $47 million in funding, and includes TD Bank and SBI Group among its investors. Brett King is founder and executive chairman. In a statement, King highlighted the significance of his company’s partnership with fellow Finovate alum, Q2.

“We started as a challenger bank in the U.S. market before collaborating with banks and FIs around the world, so we understand what it takes in the post-COVID digital world to stand out,” King said. “The Q2 alliance is our first major core partnership in the U.S., and no doubt will set a steep benchmark for other providers in the space.”

Headquartered in Austin, Texas, Q2 has become one of the leaders in the embedded finance movement, offering a range of digital financial solutions for consumers, business clients, and fellow fintechs. The company won a Best of Show award at FinovateFall in September for its Partner Marketplace, an app store that is integrated within the client’s digital banking platform.

Q2 is publicly traded on the New York Stock Exchange under the ticker QTWO, and has a market capitalization of more than $5 billion. See them next week as the company returns to the Finovate stage to demo its latest technology at FinovateWest Digital.

Photo by Porapak Apichodilok from Pexels