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 at PlainsCapital Bank. Terafina’s rapidly growing client base continues to innovative in a fast-changing competitive digital landscape.
In a 2017 small business study released by Raddon as highlighted in this Financial Brand article, “51% of [small business] respondents that currently did not use a community institution for their primary or secondary institution were ‘extremely’ or ‘very likely’ to consider using one in the future.” If community banks and credit unions do not move quickly to engage with SMBs digitally, they risk losing out on huge opportunities to competitively serve small businesses in a meaningful, scalable, and sustainable way.
In addition, the study shows that “25% [of respondents] indicated they would not use a community bank because their current institution (likely a major bank) offered a better business product menu.” PlainsCapital Bank, based in Dallas, TX with $9.7B in total assets, understands the importance of diversifying its offerings and has taken considerable steps with Terafina’s newest fast track solution for small business onboarding to acquire and retain small business customers while removing friction from the overall onboarding experience. Ashwin Goyal, President & COO of Terafina, stated that “PlainsCapital is making all the right strategic moves as it continues to grow and better define its product offerings. They are designing a compelling small business banking strategy that helps them stand out from others, while taking full advantage of the overlap with their existing retail capabilities and leveraging their trusted community footprint throughout Texas.”
PlainsCapital Bank has already begun to experience the added benefits of this new solution that reduces friction and unifies the experience. Matt Adkins, Chief of Retail Banking Services for PlainsCapital, 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.”
Terafina is excited to be selected to present a live demo this week at Digital Banking on Thursday, June 20th in Austin, TX where we will showcase our newest fast track small business offering. We hope to see you there.
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) based in Fremont, CA provides omnichannel digital sales solutions for community banks and credit unions. Terafina’s solution is simple, secure and seamless and helps turn online and mobile engines into strong conversion tools. Terafina drives growth by strategically leveraging and positioning your product offerings while building a collaborative and seamless experience across all your channels - online, branches, and call centers.
About Digital Banking
American Banker, Digital Banking is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in Austin, TX Digital Banking is the leading and largest digital banking event in the industry, covering innovation in financial services for consumer and commercial customers around mobile, digital, AI, payments, data, blockchain, CX, disruption, innovation, privacy, API, channel and technology strategies.