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Washington Trust Bank is Open for Business Using Terafina Inc.’s Digital Account Opening Platform

SAN RAMON, CALIF, May 12, 2020 (GLOBE NEWSWIRE) -- Terafina Inc. is a digital account opening and unified sales platform that seamlessly bridges the experience across the online, branch and call center channels for banks and credit unions. Washington Trust Bank based in Spokane, WA with $7.15B in assets, through its partnership with Terafina Inc., has launched a digital account opening platform that is already seeing tremendous growth.

Early data supports the power of investing in digital. The image in the top right depicts an unmistakable trend for Washington Trust.

“First impressions count, especially in the digital space. Offering an exceptional account opening experience is vital for Washington Trust to remain competitive and ensure loyalty,” said Tami Ferguson, SVP, Director of Client Experience at Washington Trust Bank. “Since partnering with Terafina we have seen a large increase in online account opening. We saw a 192% increase in new accounts opened online between January and April and unique page views increased by 143%. Terafina is helping us make a first impression that counts.”

By making digital onboarding a key pillar of its 2020 initiatives, Washington Trust has positioned itself for significant growth. Moreover, Terafina’s single platform allows the bank to cultivate client relationships beyond the 30-60-90 day life cycle. It’s about deepening relationships and identifying ways to increase authentic connections in real time so that, no matter the business environment, the financial institution can continue to be there for its clients and have scalable long lasting growth. 

These efforts directly align with Washington Trust’s ongoing commitment to provide digital channel capabilities that serve its clients and tailor to their specific financial needs. “Washington Trust is a phenomenal partner. Our intent is to always work collectively with our client partners and focus on addressing the acute and unique needs of their respective client base. We are here to listen and given the current economic landscape we recognize the power of digital account opening and the immediate impact this can have in helping better serve communities. It’s refreshing to have a client partner that not only gets this but prioritizes it in the right way”, said Meheriar Hasan, CEO, Terafina.

If you are interested in making digital a priority right now, visit Terafina Inc.’s Fasttrack Digital Storefront that specifically caters to banks and credit unions that are looking to start onboarding new consumer and new small business customers in as little as 4 weeks. The underlying premise is built on enabling key digital account opening capabilities that include a comprehensive, real time KYC and KYB process. In some instances, this capability is helping financial institutions expand the reach of their small business lending programs including the current PPP SBA Loan program by extending it to new small business customers.

About Washington Trust Bank

Washington Trust Bank is the largest independently owned full-service commercial bank in the Northwest, serving the region since 1902. As a wholly owned subsidiary of W.T.B. Financial Corporation, Washington Trust Bank has over 7 billion in assets. Headquartered in Spokane, Washington Trust currently has 42 branches and offices in Washington, Idaho, and Oregon. The bank employs over 1,000 people. Details can be found at https://www.watrust.com.

About Terafina Inc.

Terafina Inc. based in San Ramon, CA provides digital onboarding and omnichannel sales solutions that are simple and secure to banks and credit unions. Terafina helps financial institutions turn their online and mobile engines into strong conversion tools that drive growth by strategically leveraging and positioning product offerings - all while building a collaborative and seamless experience across online, branch and call center channels. For more information about Terafina Inc, visit www.terafinainc.com 

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Jason Hillner
Terafina Inc.