Press release

Terafina Inc. Launches Fast Track Small Business Onboarding

Sponsored by Businesswire

., 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.

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Terafina launches fast track small business onboarding at FinovateSpring 2019! (Graphic: Business Wi ...

Terafina launches fast track small business onboarding at FinovateSpring 2019! (Graphic: Business Wire)

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
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

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.

About Terafina

Terafina (
provides omnichannel digital sales solutions to the banking and credit
union markets. Terafina is based in Fremont, CA.

About Finovate

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