“Working with Q2 allows banks of all sizes to accelerate their consumer facing digital offering.”
NEW YORK, NOVEMBER 17, 2020
Movencorp, Inc., announced a collaboration with Q2, a secure, cloud-based digital transformation company, to provide a lightweight, turn-key digital bank-in-a-box that can be deployed in as little as 30 days. This latest endeavor by Moven further solidifies the company’s strategic shift to providing its patented financial wellness and data and behavior analytics product offering to banks and financial institutions in the United States.
The initial product rollout will focus on Moven’s aggregation and savings tools used in conjunction with CorePro, Q2 BaaS’s open, cloud-based core processor. Featured offerings will include a rapid deployment model with real-time alerts + notifications; accounts issuance for savings and DDA; along with additional features such as instant external account verification, Wishlist savings and a “break-glass-to-use” emergency account.
Kesh Talwar, CEO and CRO at Moven, said of the collaboration, “Working with Q2 allows banks of all sizes to accelerate their consumer facing digital offering. Using account aggregation allows for a complete view of customer financial behavior, that along with Moven’s data analytics, will increase contextual customer engagement which results in lower attrition rates, increased revenues and new customer acquisition digitally at a lower cost.”
Industry expert and advisor Bryan Clagett approached Moven and Q2 over the summer suggesting the two organizations shared a similar vision. “Community financial institutions are frustrated with their legacy core provider and want flexibility and affordability in delivering solutions that empower the consumer,” he stated. “Digital banking, as we know it, is evolving quickly and bringing fintech organizations that have complementary competencies is key to the future of the financial services industry.”
“We are thrilled that Q2’s CorePro system was selected by Moven to power this initiative,” said Paul Walker, GM of Q2 BaaS. “Now any bank can have its own Marcus or Chime in a matter of a few weeks.” Walker added that CorePro is the first and only core processing system purpose built for standalone, digital-only lines of business.
Brett King, Moven’s founder and Chairman added, “We started as a challenger bank in the US 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. The Q2 alliance is our first major core partnership in the US, and no doubt will set a steep benchmark for other providers in the space.”
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