KeyBank (NYSE:KEY) will see its digital banking product receive an upgrade as Quolo has announced that it will power KeyBank’s banking services, including payment solutions, virtual accounts and more. As a KeyBank customer, it has been a pretty rough ride, so expectations are pretty high that the KeyBank digital services will experience a marked improvement.
Qolo states that it will enable instant virtual accounts, real-time payments, ACH, and wire transfers – services that are currently available but cumbersome and slow at best.
Jon Briggs, Head of Commercial Product & Innovation at KeyBank, described the partnership with Qolo as proof of their embedded banking strategy that allows customers to streamline and scale their strategies and “to power innovation in their platforms.”
Patricia Montesi, Qolo CEO, said they are excited to power this “intrinsic component of KeyBank’s next-generation digital offering.”
Embedded financial services, or Fintech everywhere, have been a theme for a few years now, so KeyBank has some work to do. Customers, both businesses and consumers, don’t want to hop from app to app on their iPhones to manage their financial existence. They want to do it in a single location. Less is better. At the same time, KeyBank should be able to leverage existing relationships with corporate or business customers – if they make the service the option of choice by providing a cafeteria selection of options and by giving it away (or better).