‘Everyone talks about stickiness, but how do you start the journey to stickiness?’: Behind Q2’s acquisition of ClickSwitch
- Q2 is acquiring ClickSwitch, which enables new accountholders to more easily port their direct deposits and automatic payments over to a new account.
- Q2 will add the software to its product sets and make it available to its Banking as a Service clients, too.
Q2 has acquired ClickSwitch, an automated account switching solution for financial institutions.
Banks and credit unions use ClickSwitch to help new customers switch their direct deposits and recurring payments over to a new account as part of the onboarding experience. ClickSwitch has 450 customers, including DCU, California Credit Union, 3Rivers Federal Credit Union, and challenger bank, MoneyLion. The firm says it works with four of the top six challenger banks.
The Austin-based Q2 started visiting with ClickSwitch four years ago, and was impressed with the people, the technology and also the process it enabled. ClickSwitch solves a vexing problem: getting new accountholders to actually use the accounts they’re opening.
Q2 provides core banking and experience software for 400 banks and FIs, touching 18 million end users.
“Everyone talks about stickiness, but how do you start the journey to stickiness?” said Will Furrer, Q2’s chief strategy officer. “We heard from our customers that getting people to switch over their deposits, to engage, was a critical gap.”
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