FREMONT, Calif.--(BUSINESS WIRE)--Terafina Inc., an omnichannel sales platform for community banks and credit unions, is announcing today the launch of its newest solution to fast track small business onboarding. Terafina has demonstrated repeated success for its clients with a modern consumer digital account opening solution underpinned with a comprehensive sales platform. Its natural evolution into small business is helping its clients grow and differentiate themselves in a fast-changing landscape.
In a 2017 McKinsey and Co. article on small business banking in the U.S., a key statistic stands out. “If banks do not move quickly to engage with SMBs digitally, they risk losing as much as 60 percent of their overall profits to fintech attackers over the next decade.” Moreover, “the U.S. small business segment represents an estimated revenue pool of around $90 billion to $100 billion across lending and deposits.” This is a huge opportunity - one where banks have often struggled to competitively serve small businesses in a meaningful, scalable, and sustainable way.
Terafina’s newest fast track solution for small business onboarding helps banks and credit unions acquire and retain small business customers while removing friction from the overall onboarding experience. Meheriar Hasan, CEO and Founder of Terafina, stated that “community banks and credit unions are facing fierce competition from both large national players and fintechs that are focusing more on the profitable small business lending and deposits segment. Our solution levels the playing field by helping craft a winning small business banking strategy that takes full advantage of the overlap with their existing retail capabilities and their trusted presence in the community. The solution reduces friction and unifies the experience across all channels - branch, call center and digital - dramatically improving the small business experience.”
Two of Terafina’s most noted clients, PlainsCapital Bank and Gesa Credit Union have begun to experience the added benefits of this new solution. Matt Adkins, Chief of Retail Banking Services for PlainsCapital, based in Dallas, TX with $9.7B in total assets, affirmed that “we have been able to significantly improve the onboarding experience while penetrating the retail segment with small business products. This unique capability has added great value to our customers' experience and we have been able to do it all on a single platform.” Likewise, Raj Bandaru, COO/CIO of Gesa Credit Union, located in Washington state with over $2B in total assets, emphasized that “with Terafina’s ‘single pane of glass’ solution, we have cut down sales training for new frontline staff from 3 to 6 months to 2 weeks. Also, in doing so we have practically eliminated all systems training. This has freed up our frontline staff to be able to deepen relationships and better cross-sell products across segments from retail to small business and re-use existing member data - creating a truly unique one-and-done experience in real-time for sales and service.”
We are excited to be selected to present a live demo at Finovate this week on Thursday, May 9th in San Francisco, CA where we will showcase our newest fast track small business offering. We hope to see you at Finovate or alternately to learn more about Gesa's success with real time sales and service, download our latest webinar here with special guest Raj Bandaru, Gesa’s COO/CIO.
About Gesa Credit Union
From modest beginnings in 1953, Gesa Credit Union is the fifth largest credit union in Washington state, serving over 150,000 members around the world. Gesa Credit Union has a rich history of providing financial services to Eastern Washington and continues to experience explosive growth.
About PlainsCapital Bank
PlainsCapital Bank was founded in 1988 and is the fifth-largest bank in Texas based on deposit market share. They offer a diverse range of services including commercial banking, treasury management, private banking, and wealth management, as well as consumer banking.
Terafina (www.terafinainc.com) provides omnichannel digital sales solutions to the banking and credit union markets. Terafina is based in Fremont, CA.
FinovateSpring is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in San Francisco, the event offers an insight-packed glimpse into the future of money via a fast-paced, intimate, and unique format. The event is organized by The Finovate Group. For more information on the event or to view videos of previous demo, please visit finovate.com.