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  • Writer's pictureKelsie Papenhausen

Stanford Federal Credit Union Wins Q2 Innovation Award for Launch of Digital Communications Channel Powered by Agent IQ


San Francisco, CA – July 9, 2024 -- Stanford Federal Credit Union (SFCU) was named the winner of the Q2 Excellence Award for Innovation for their use of the Q2 Digital Banking Platform, the Q2 software development kit (SDK) and their use of a Q2 Innovation Studio partner solution. Through the Q2 Innovation Studio, Stanford FCU deployed a digital communication channel developed in conjunction with Agent IQ, a leader in digital relationship banking providing personal banker engagement and AI-supported self-service capabilities. SFCU’s service, launched in July 2023, allows members to connect with associates in the way that best suits their needs, whether through the website or authenticated messaging within Q2’s Digital Banking Platform.


“At Stanford FCU, our mission has always been to put our members first, which means giving them control over how they engage with us,” said Deena Otto, SVP and Chief Operating Officer of Stanford Federal Credit Union. “This award highlights our commitment to leveraging cutting-edge technology to enhance our members' experiences and streamline our operations. Our use of Q2 solutions and collaboration with Agent IQ has improved our operational efficiency and enabled us to set a new standard for member engagement in the financial services industry.”


“The Agent IQ Lynq™ digital relationship platform allows SFCU’s members to conveniently receive service and support for all their financial needs across any digital channel; fostering a similar experience as if they were engaging with their family and friends,” said Matt Phipps, CMO of Agent IQ. “We like to say it’s like a branch in your pocket.”

 

A Branch in Your Pocket

Lynq by Agent IQ is a digital relationship banking platform that allows members to connect with an associate for any complex financial needs and AI self-service for anytime, anywhere service. Leveraging Lynq, SFCU members can securely interact with associates by chat, video, or co-browsing functionalities. Within the first 30 days of implementation, SFCU saw a 70% reduction in overnight call center volume.


SFCU also introduced AI self-service, affectionately named “Stan.” Stan guides members to relevant information, handling 50% of all authenticated chats and 80% of anonymous chats without needing human intervention. This not only reduces frustration but also ensures that members can always reach a human representative when required.


“Q2 Innovation Studio allows financial institutions to easily deploy in-demand fintech solutions through the Q2 Digital Banking Platform, giving them the flexibility and optionality to bring innovative solutions to their customers or members,” said Senior Vice President, Q2 Innovation Studio, Johnny Ola. “Stanford Federal Credit Union is always looking for ways to enhance their member experience, and their work with Agent IQ through the Q2 Digital Banking Platform is an excellent example of innovating to help members and credit union staff.” 

 

Facilitating digital communications is not just about improving current operations but is essential for driving growth and enhancing member satisfaction, attracting new members, and deepening the loyalty of existing members. To learn more about SFSU’s implementation of Lynq by Agent IQ, please click here

 

About Agent IQ

Agent IQ is the pioneer in digital relationship banking, providing personal and persistent customer engagement solutions supported by a powerful built-in AI that supports bankers and strengthens customer relationships. Blending the best of human emotion and empathy with the speed and efficiency of computer intelligence, the Lynq™ platform empowers FIs to provide proactive support and real-time insights to improve customer satisfaction, enhance service efficiencies, and increase profitability, while reducing the cost of serving. For more information, visit www.agentiq.com.

 

About Stanford Federal Credit UnionStanford Federal Credit Union is a $4 billion non-profit financial institution with 89,000 members located in Palo Alto, CA. Founded in 1959 by Stanford University employees, Stanford FCU currently serves Stanford University employees, faculty, alumni, and students; as well as worldwide employees of over a hundred other companies headquartered in the San Francisco Bay Area. Stanford FCU’s mission is to improve the financial lives of those in the Stanford community.


About Q2 Holdings

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 consumers, 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 www.Q2.com.

 

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