Virtual banking provider Q2, formerly known as Q2ebanking, announced Monday a partnership with personal finance management (PFM) provider Geezeo. The new alliance will allow financial institutions to offer and place PFM-related content from within their online banking environment.
Banks's efforts to offer PFM have long been criticized by analysts for their low adoption rates. Some are starting to give PFM tools better placement within their online banking interfaces, rather than quarantining them in a separate tab. The longer-term idea is that PFM data and online banking will become one and the same user interface: The ability to set and track goals would sit alongside a customer's view of his saving goal, for example.
The announcement comes on the heels of the Austin company moving into a more spacious headquarters, with plans to hire at least 60 additional employees by yearend.
More than 400 financial institutions use the Q2 platform, including Umpqua. Peoples Bank of Alabama is one of the first Q2 clients to use Geezeo PFM features.