AWS and Q2 Expand Partnership to Accelerate Banking Innovation

Business Wire 22-Oct-2024 10:00 AM

Q2 works with AWS and Presidio to enhance security and drive innovation, using generative AI to help financial institutions automate critical and repetitive processes

Q2 Holdings Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for financial services, today announced an expanded strategic partnership with Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company (NASDAQ:AMZN), to continue driving innovation for its bank, credit union, and fintech customers. As part of this collaboration, AWS and Presidio, a leading technology services and solutions provider and a premier consulting partner within the Amazon Partner Network, will help Q2 expand the use of the AWS platform to power its digital banking product, including Q2 Innovation Studio solutions. Q2 will leverage AWS innovation, including generative artificial intelligence (AI) technology, for its solution suite to help financial institutions automate critical and repetitive processes and better serve their consumer and business customers.

"Q2 is making it easy and efficient for regional and community banks to use technology like AI to help make more informed, data-driven decisions and tailor banking experiences," said Scott Mullins, General Manager of Financial Services at AWS. "AWS's generative AI capabilities are backed by the highest levels of security and privacy, giving financial services organizations the ability to automate clerical tasks and provide the information bankers need to spend more time on client-facing services. We're excited to see Q2 continue to drive innovation for these financial institutions that help our local economies thrive."

Q2 is using advanced technologies to help financial institutions capture the full potential of their data to drive insights for fraud detection, audience segmentation, and personalized user experiences. For example, Q2 Sentinel, a fraud detection tool, was built on Amazon SageMaker, using machine learning, endpoint interrogation, and other security technology to monitor user behavior on its digital banking platform. To date, the tool has helped identify instances of fraudulent behavior, saving customers time and money. Additionally, Q2's Andi Copilot, an AI solution suite purpose-built for bankers, uses Amazon Bedrock to power agents that are designed to automate workflows for Q2's commercial banking customers.

"Cloud and AI technologies are transforming banking, but they must have the working knowledge of the industry to provide the right recommendations to have real-world impact," said Jordan Hager, Senior Vice President, Global Technology at Q2. "AWS has the financial services pedigree we need to provide the right security, privacy, and performance that our customers depend on. AWS also allows us to accelerate innovation for customers in areas like generative AI to help our customers make internal workflows simpler and less tedious, while delivering robust, personalized banking solutions. By leveraging AWS technology, we are not only enhancing the security of our platform but also positioning our architecture to meet the evolving needs of our customers, both now and in the years to come."

Q2 has been an AWS customer for more than six years, leveraging AWS compute, storage, database, analytics, machine learning, and AI services. With this expanded partnership, Q2 will migrate and modernize more than 50,000 services on AWS, including its Q2 Innovation Studio and Partner Marketplace platform, which provides access to comprehensive financial data and open banking services.

About Q2 Holdings, Inc.

Q2 is a leading provider of digital transformation solutions for financial services, serving banks, credit unions, alternative finance companies, and fintechs in the U.S. and internationally. Q2 enables its financial institution and fintech customers to provide comprehensive, data-driven digital engagement solutions for customers, small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and X to stay up to date.

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