Today, TurmaFinTecha new fintech startup helping America’s community banks bridge the technology gap, increase sales, combat customer churn, manage customer relationships and provide targeted customer communications, has announced its launch.
The startup, headquartered in Florida, United States, primarily offers a customer data platform to help American community banks better manage, analyze and monetize their customer data. The startup is led by data scientist and financial analyst Adam Turmakhan as CEO and COO and Bauyrzhan Aubakir as chief AI expert, with strategic support and guidance from company president Yerbol Orynbayev, former vice -Prime Minister of Kazakhstan and Governor of the World Bank on behalf of the country.
As policymakers plan further two-quarter point cuts to the U.S. benchmark interest rate in 2025 (Reuters), TurmaFinTech aims to provide community banks with the tools they need to navigate the low-rate landscape, digitize, and compete with larger, more technologically advanced financial institutions.
As tight monetary policy continues to ease, banks could assess customers’ borrowing needs and maximize upsell opportunities more quickly by integrating AI and ML into their operations. Big banks are already investing heavily, with JP Morgan estimating it will spend $17 billion on emerging technologies in 2024 (Technological target). Community banks want to embark on their own digital transformation, but only 20% consider themselves data analytics experts (BNY), and more limited resources slow them down.
TurmaFinTech’s flagship product is RedBee Platform, an affordable customer data platform that helps community banks digitize affordably. RedBee enables them to quickly leverage insights and tailor customer communications, improving loyalty results and upsell opportunities. This eliminates the hassle of storing and analyzing data, using real-time data processing and ML to understand customer needs.
The team hopes the platform will prove a useful companion for community banks across the United States and looks forward to expanding its customer base over the next 12 to 18 months.
Adam Turmakhan, CEO and COO of TurmaFinTech, said: “We are excited to introduce TurmaFinTech and our flagship product, RedBee Platform, to community banks across the United States. We made sure every detail was considered and created a tool that we are confident will take small banks to the next level.
“The US banking industry is one of the most diverse in the world, but for smaller players with less capacity in terms of experimentation and digitalization costs, growing technology lag, decreasing profitability and customer churn pose serious threats. We want to help banks tackle this problem head on by helping them use their data to better understand their customers and adapt their communications accordingly. We look forward to partnering with more and more community banks, helping them unlock their digitalization as we scale.
Yerbol Orynbayev, President of TurmaFinTech, said: “Community banks are closer to their customers than their larger competitors, so they should be in an excellent position to personalize their services. But the reality is that they face a technological gap that has blocked progress for far too long.
“I have full confidence in Adam and his team and look forward to continuing to offer my support and guidance as we move forward.”