Q2 on Q1: Digital banking provider secures 5 major bank deals

Digital banking vendor Q2 announced today that its first quarter signings included five big bank signatures as the company continues its up-market digital banking push. Q2 has enterprise contracts with two unnamed banks from the top 10 and top 50, respectively, along with a large credit union contract, according to its Q1 earnings presentation. The company also mentioned three new contracts for retail and commercial digital banking, and Q2 now counts 19.7 million users on its banking platform, an 8% year-over-year increase. [caption id="attachment_222052" align="alignright" width="300"] Photo by CanStock[/caption] Chief Executive Matt Flake offered analysts details into the company’s portfolio of banking partners. “We now have roughly half of North American banks over $100 billion in assets using Q2, including the five largest Canadian banks, which are all using our loan pricing capabilities in some capacity,” Flake said during the call. He also touted a $10 billion bank with a “progressive growth strategy” and strong fintech partnerships as a key deal in Q1. First-quarter revenues reached $134.1 million, up 15% YoY and 2% sequentially, while research and development expenses grew to $31.1 million, a 16% increase YoY. Q2 Catalyst unveiled The company also launched the Q2 Catalyst digital banking suite for small- and medium-sized business (SMB) customers on Monday. Q2 Catalyst is an umbrella suite of commercial banking products, helping financial institutions automate pricing, onboarding, cash and resource management, as well as offering an integrated fintech “marketplace” with 240 pairings between fintechs and financial institutions. Automation of pricing and decisioning workflows is still uncommon in commercial banking, Kirk Coleman, chief banking officer at Q2, told Bank Automation News . “You want to be able to take the information that the bank already knows about that customer and drop that into an audit workflow,” Coleman told BAN . “Over the long history of the banking industry, that's not been that common. Usually, we require you to make calls, you're providing the same information multiple times to multiple people. “We want to automate that entire experience, so that we can put the human back in the middle of digital,” he added. [stock_market_widget type="inline" template="generic" assets="QTWO" markup="Shares of {name} ({symbol}) are trading at {price} ({change_pct}) as of {last_update}." api="yf"] Help shape our agenda for the Bank Automation Summit by applying to join the speaker roster here . Potential speakers will be contacted and confirmed directly by the editorial team, and only qualified submissions will receive a response. Learn more about Bank Automation Summit Fall 2022 .

Q2 on Q1: Digital banking provider secures 5 major bank deals

The digital banking vendor grows revenue by 15% YoY

Drowning in data and not a drop of insight

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Q2 on Q1: Digital banking provider secures 5 major bank deals

The digital banking vendor grows revenue by 15% YoY

Drowning in data and not a drop of insight

Listen: Automation, data management key focus at auto lending conference

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