Q2 Holdings Makes Digital Account Switching Fast and Easy with Acquisition of ClickSWITCH
01 April 2021 - 3:15PM
Business Wire
Acquisition of ClickSWITCH strengthens Q2’s
portfolio of digital banking capabilities to help financial
institutions and fintech companies attract and retain new primary
account holders
Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital
transformation solutions for banking and lending, today announced
its acquisition of ClickSWITCH, a patented digital account
switching software-as-a-service (SaaS) solution that has
transformed how financial institutions and financial technology
companies (fintechs) attract and retain new primary account
holders. The acquisition reflects Q2’s ongoing mission to build
strong and diverse communities by strengthening financial
institutions.
ClickSWITCH, a privately held company based in Minneapolis, MN,
was founded in 2014 to provide a digital account switching solution
for financial institutions and fintechs. ClickSWITCH is designed to
simplify the process of bringing new account holders onboard by
quickly, safely and efficiently switching direct deposits and
automatic payments to new accounts. With more than 450 customers,
ClickSWITCH can allow financial institutions and fintechs to make
account switching easy, capture more deposits, rapidly and
consistently gain primary account provider status, and increase
their profitability.
“A major challenge that financial institutions and fintechs face
is converting their clients to become primary account holders. We
believe Q2’s acquisition of ClickSWITCH will enable us to help our
customers efficiently solve this pain point and drive account
profitability,” said Matt Flake, CEO of Q2. “We also believe that
with ClickSWITCH we can help our customers provide their account
holders with a more streamlined, frictionless experience, by
offering an end-to-end digital customer acquisition, onboarding,
and account switching solution.”
ClickSWITCH has successfully helped more than 450 financial
institutions and fintechs acquire the primary relationships with
their account holders. Some of the benefits customers have achieved
by using ClickSWITCH include the following:
- Gather Deposits – Using ClickSWITCH, customers have
realized gains in deposits, helping them drive positive margin
lending programs and further engage account holders.
- Reduce Friction – With ClickSWITCH, financial
institutions and fintechs of all kinds have decreased their primary
account acquisition costs – creating immediate and long-term
positive ROI related to account acquisition.
- Position for Growth – With ClickSWITCH, financial
institutions and fintechs are more likely to increase cross-sales
related to credit and debit card activation and utilization –
driving positive experiences and increased non-interest income for
the business.
ClickSWITCH’s innovative, automated deposit switching solution
streamlines the process for end users to change their account for
automatic deposits via direct integrations to thousands of
employers, payroll providers and financial institutions. This
automated and assisted process for end users is designed to yield
very high completion rates and seamless transfers for financial
institutions and fintechs in onboarding end users. Bolstering Q2’s
best-in-class portfolio of digital banking offerings with
ClickSWITCH’s digital account switching solutions will expand Q2’s
market reach, further drive innovation and deliver greater value to
Q2’s customers.
"Q2 is a recognized leader in providing innovative solutions for
financial institutions and other fintech providers,” said Cale
Johnston, founder and CEO, ClickSWITCH. “As a combined force, we
look forward to solving a fundamental issue that banks, credit
unions and fintech companies face – managing the complexity and
administrative burden of account switching – by providing the most
comprehensive and differentiated digital account switching solution
in the market. We are delighted to be joining the Q2 team and look
forward to delivering best-in-class financial solutions.”
Financial terms of the transaction were not disclosed.
For more information:
About Q2: www.Q2.com. Blog: Digital Account Switching: The Key
to Profitable Consumer Relationships Webinar on April 8th: "Digital
Account Switching: Best Practices for Profitable Consumer
Relationships"
About Q2 Holdings, Inc. Q2 is a financial experience
company dedicated to providing digital banking and lending
solutions to banks, credit unions, alternative finance, and fintech
companies in the U.S. and internationally. With comprehensive
end-to-end solution sets, Q2 enables its partners to provide
cohesive, secure, data-driven experiences to every account holder –
from consumer to small business and corporate. Headquartered in
Austin, Texas, Q2 has offices throughout the world and is publicly
traded on the NYSE under the stock symbol QTWO. To learn more,
please visit Q2.com.
About ClickSWITCH ClickSWITCH is a digital account
switching solution for financial institutions and challenger banks
that simplifies the process of bringing new account holders onboard
by quickly, safely and efficiently switching direct deposits and
automatic payments to new accounts. The company enables financial
institutions to make switching easy, capture more deposits, rapidly
and consistently gain PFI status, and increase profitability. For
more information, visit www.clickswitch.com
Forward-looking Statements:
This press release contains forward-looking statements,
including statements about: the benefits of ClickSWITCH products to
target customers; the ability of ClickSWITCH products to further
differentiate Q2 and its solutions offerings; the ability of
ClickSWITCH’s products to boost Q2’s cross-selling capabilities and
to accelerate digital onboarding; Q2’s and ClickSWITCH’s ability to
provide best-in-class and leading solutions; the advantages to Q2’s
customers of adding the ClickSWITCH solutions; the ability of Q2’s
and ClickSWITCH’s products to enable customers to improve account
acquisition and engagement and to accelerate growth; the ability of
Q2 to advance its product offerings together with ClickSWITCH; and
the potential for Q2 and ClickSWITCH as a combined force. The
forward-looking statements contained in this press release are
based upon current plans, estimates and expectations and are not a
representation that such plans, estimates or expectations will be
achieved. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, the following:
(a) risks related to Q2’s ability to successfully integrate
ClickSWITCH and its technology and personnel; (b) risks related to
the execution of the combined plans, strategies and forecasts,
including with respect to account switching capabilities and
offerings; (c) risks related to customer demand and market
acceptance for these offerings; (d) risks related to Q2’s
expectations with respect to the business of ClickSWITCH after
completion of the transaction and Q2’s ability to realize
additional opportunities for growth and innovation; (e) competitive
risks in the highly-competitive and innovative financial service
and technology industries; (f) risks related to the security and
compliance of these solutions; (g) intellectual property and
related risks; and (h) other risks and potential factors that could
affect our business and financial results identified in Q2’s
filings with the Securities and Exchange Commission. These filings
are available on the SEC Filings section of the Investor Relations
section of Q2’s website at
https://investors.q2.com/investor-relations/overview/default.aspx.
These forward-looking statements represent Q2’s expectations as
of the date of this press release. Subsequent events may cause
these expectations to change, and Q2 disclaims any obligations to
update or alter these forward-looking statements in the future,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210401005260/en/
MEDIA CONTACT Jean Kondo Q2 Holdings, Inc. +1 510-823-4728
jean.kondo@Q2.com
INVESTOR CONTACT Josh Yankovich Q2 Holdings, Inc. +1
512-682-4463 josh.yankovich@Q2.com
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