Q2 Holdings partners MX on contextual PFM

Source: Q2 Holdings

Q2 Holdings, Inc. (QTWO), a leading provider of secure, cloud-based virtual banking solutions for regional and community financial institutions, in partnership with MX, a pioneer in data-driven money management, today announced the release of its newest digital banking product, Q2 Contextual Personal Financial Management (PFM), an embedded banking experience that provides comprehensive and actionable financial insights to consumers.

With MX’s powerful data aggregation engine and award-winning user experience and user interface (UX/UI), Q2 Contextual PFM enables community and regional financial institutions to stand apart by providing an intuitive, easily accessible money management dashboard to their account holders. Whereas many existing PFMs are buried beneath various menu options and layers, Q2 Contextual PFM inserts practical data such as spending and saving trends directly into the daily online banking experience, giving account holders access to budgeting, debt management, net worth, and other personal financial data that is critical to their financial health.

“Q2’s Contextual PFM approach gives account holders everything they need, front and center,” said Adam Anderson, chief technology officer at Q2. “As account holders continue to make heavier use of the mobile channel and seek to optimize their financial lives, Q2 Contextual PFM can give them the most accurate picture of where they stand and what actionable decisions they can make from any device.”

The features offered through Q2 Contextual PFM provide participating banks and credit unions a competitive advantage in functionality that account holders already seek and expect from today’s financial institutions. Providing data-driven money management tools to account holders leads to increased engagement and loyalty with their financial institution, increased marketing impressions, and financially stronger individuals and families.

Q2 has integrated data-driven money management functionality directly into users’ online banking experiences by leveraging APIs provided by technology partner MX for account aggregation, transaction cleansing and transaction categorization. Q2 Contextual PFM also leverages MX’s UX/UI to help consumers visualize their net worth, budget and other financial management workflows.

“Our partnership with Q2 demonstrates our commitment to providing institutions with a best-in-class experience, one driven by always-on aggregation, and an intuitive, innovative UI that makes it easy for people to manage their finances,” said Ryan Caldwell, Founder and CEO of MX. "Our organizations share a closely aligned vision for the future of banking and we look forward to powering Contextual PFM on the Q2 platform.”

Q2 Contextual PFM is currently live among employees at Lubbock, Texas-based AimBank, with additional customers in beta testing and several other FIs slated to take the product live in the coming months.

“We are a community here at AimBank. We know our customers and their banking practices very personally and are excited to add even more depth to that experience with Q2 Contextual PFM,” said Tye Jones, senior vice president of digital services and project management at AimBank. “Implementing a solution as functional as Q2 Contextual PFM demonstrates how much we care about our customers’ financial health and providing them with the best possible banking experience, helping us compete with other larger financial institutions.” 

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