As a part of the settlement, Q2 will combine ClickSWITCH’s account switching software-as-a-service answer into its product choices. Phrases of the deal weren’t disclosed.
Based in 2014, ClickSWITCH presents its 450 monetary establishment purchasers an account switching answer for his or her finish prospects. The corporate leverages direct integrations with hundreds of employers, payroll suppliers, and monetary establishments to assist customers change their direct deposits and computerized funds to new accounts. The shopper onboarding course of, consequently, is simplified considerably.
Q2 anticipates the acquisition will assist its financial institution purchasers entice and retain new main account holders. “We additionally imagine that with ClickSWITCH we will help our prospects present their account holders with a extra streamlined, frictionless expertise, by providing an end-to-end digital buyer acquisition, onboarding, and account switching answer,” added Q2 CEO Matt Flake.
Q2 is not going to solely profit from publicity to ClickSWITCH’s shopper base, however may also supply its present banking-as-a-service purchasers extra deposits, decreased shopper acquisition value, and the potential for development from a rise in cross-selling.
“As a mixed pressure, we stay up for fixing a elementary concern that banks, credit score unions, and fintech corporations face – managing the complexity and administrative burden of account switching – by offering probably the most complete and differentiated digital account switching answer available in the market,” stated ClickSWITCH Founder and CEO Cale Johnston. “We’re delighted to be becoming a member of the Q2 crew and stay up for delivering best-in-class monetary options.”