Back to Blog

Terafina to Boost Small Business Onboarding at PlainsCapital Bank

PlainsCapital Bank is the latest FI to take advantage of the omnichannel sales technology from Terafina. The company, whose platform is specifically designed for community banks and credit unions, announced that the bank has leveraged its small business onboarding solution to streamline the process of acquiring its SME customers.

President and COO of Terafina Ashwin Goyal praised PlainsCapital Bank as having made “all the right strategic moves” in distinguishing their product offering in the market. “They are designing a compelling small business banking strategy,” he said, “that helps them stand out from others, while taking advantage of the overlap with their existing retail capabilities and leveraging their trusted community footprint throughout Texas.”

PlainsCapital Bank sought to improve its small business customer onboarding to better serve its rapidly growing client base. In choosing Terafina, the institution is also trying to take advantage of small businesses’ willingness to choose a community bank or credit union as its bank partner (51% in a 2017 Raddon study) as well as the ability to market new products and services to SMEs more directly.

“We have been able to significantly improve the onboarding experience while penetrating the retail segment with small business products,” said Chief of Retail Banking for PlainsCapital Bank Matt Adkins. “This unique capability has added great value to our customers’ experience.”

PlainsCapital Bank is the fifth-largest bank in Texas based on deposit market share. Founded in 1988, the bank offers commercial, private, and consumer banking services, as well as treasury and wealth management. The Dallas-based institution has $9.7 billion in total assets, and operates more than 60 branches in cities such as Austin, Houston, and San Antonio.

Fremont, California-based Terafina demonstrated its Digital Sales Platform at FinovateSpring 2019. The technology enables community banks and credit unions to leverage the onboarding process to build deeper, lifecycle relationships with their clients. This helps FIs better tailor their product offerings, increase conversions, and drive growth.

It has been a busy first half of 2019 for Terafina. In April, the company announced that Gesa Credit Union, one of the largest credit unions in Washington state, with more than $2 billion in assets and 150,000+ members, would deploy its platform to provide real time sales and service offerings to its members. In March, the company reported that KeyPoint Credit Union, based in Silicon Valley and boasting $1.32 billion in assets, was going live with its omni-sales platform, as well.