Moven partners with Q2 on BaaS solution for banking
By Pavithra R
Moven, a mobile financial service provider has announced partnering with Q2, a leading provider of digital transformation solutions for banking and lending, to provide a lightweight, digital bank-in-a-box that can be deployed in as little as 30 days.
The move further solidifies Moven’s strategic shift to providing its patented financial wellness, data and behavior analytics product offering to banks and financial institutions (FIs) in the U.S. 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.
“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,” said Kesh Talwar, CEO and CRO at Moven.
Moven’s featured offerings will include a rapid deployment model with real-time alerts, notifications; accounts issuance for savings and DDA; along with additional features including instant external account verification, wishlist savings and a “break-glass-to-use” emergency account.
“We are thrilled that Q2’s CorePro system was selected by Moven to power this initiative. 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,” said Paul Walker, GM of Q2 BaaS.
“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,” said Brett King, Moven’s founder and Chairman.
Founded in 2011, Moven is a mobile-banking technology platform provider that banks use to reduce attrition rates, drive new revenue streams and lower customer acquisition cost. Its smart banking technology provides advice-driven, highly-personalized financial wellness experience for banks, helping them to grow its customer relationship.
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October 04, 2024