Q2 Helps UK-Based Knoma Offer Zero-interest, No-fee Student Loans in Minutes
19 Gennaio 2022 - 7:00PM
Business Wire
Q2 helps Knoma streamline its student loan
process, reducing funding decision timing from three to six months
down to minutes
Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital
transformation solutions for banking and lending, today announced
UK-based Knoma, which provides zero-interest, no-fee student loans,
has partnered with Q2 Lending to reduce the average student wait
time for loan decisions from several months to less than two
minutes. By harnessing Q2 Lending, which securely automates
end-to-end loan management from application to repayment, Knoma has
created a fast, cost-effective system to transform the student
lending industry.
Knoma – which provides student loans to working adults taking
continuing education classes in technology-related fields – can now
safely and accurately automate student loan decisioning for more
than 90% of its applications without needing a secondary review.
Knoma CEO and Founder Brett Shanley said, “It would cost me
millions if I spent all my time trying to build this kind of system
from scratch—and it would take years to do it. Q2 did all that for
me at a fraction of the cost, whilst enabling the business to have
live MVP within 6 months.”
“We’ve flipped the student financing model on its head by having
our educational partners pay the interest on the loan, instead of
charging the student. This allows us to offer fair, transparent
funding to our students while guaranteeing there are no hidden
fees, and in return, our educational partners receive incremental
uplift in their enrollment.”
Q2 Lending – which incorporates Q2 Originate, Q2 Portal and Q2
Loan servicing – serves as Knoma’s backbone and provides students
with a clean, modern interface from loan application to payoff.
Knoma’s main system, powered by Q2, enables quick, accurate and
flexible workflows that configure and adapt to Knoma’s internal
criteria for loan suitability and approval, underwriting,
compliance, risk assessment and identity verification. It automates
loan deposits to universities and educational partners, securely
linking payments to the students who received funding, and showing
the transaction history to both students and educational
partners.
The fully automated platform is able to push and pull data
through multiple APIs, reducing the administrative burden and time
typically associated with loan processing. Only 10% of loan
applications require a secondary review, reducing Knoma’s business
costs and creating a flexible, scalable system that can easily be
expanded.
Q2’s single-source backend seamlessly integrates with Salesforce
and draws upon other best-in-class fintechs to gather and evaluate
multiple data points to render reliable loan decisions. Student
identity verification is done through Onfido, credit history and
banking data flows through True Layer and Credit Kudos. Conga,
available as an optional API on Q2’s platform, automatically
populates the student loan contract, gathers the student’s
signature and helps manage repayment schedules.
“We are excited to work with Knoma to help simplify and
transform the loan process experience so students can continue
their education,” said Ian Nelson, managing director EMEA, Q2. “By
leveraging Q2’s innovation, Knoma has a reliable, flexible
ecosystem that is scalable on a worldwide basis. We are proud to be
part of this important work.”
To learn more about Knoma and Q2 Lending:
- BLOG: Q2 Lending Enables Knoma to Cut Student Loan Evaluations
from Months to Minutes
- VIDEO: FINTECH Circle: “Responsible Fintech” featuring Q2 and
Knoma.
About Knoma
UK-based Knoma, which provides zero-interest, no-fee student
loans, helps students start their lifelong learning journey today,
spread the cost over interest-free instalments and gain access to
the Knowledge Market. To learn more, please visit Knoma.
About Q2 Holdings, Inc.
Q2 is a financial experience company dedicated to providing
digital banking and lending solutions to banks, credit unions,
alternative finance and fintech companies in the U.S. and
internationally. With comprehensive end-to-end solution sets, Q2
enables its partners to provide cohesive, secure, data-driven
experiences to every account holder – from consumer to small
business and corporate. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220119005807/en/
Carly Baker Q2 Holdings, Inc. +1 210-391-1706
Carly.baker@Q2.com
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