Today, TurmaFinTech, a new fintech startup helping US community banks bridge the technological gap, increase sales, beat customer churn, manage customer relationships and provide targeted customer communications, has announced its launch.
The startup, headquartered in Florida, USA, primarily offers a customer data platform to help US 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 the firm’s President Yerbol Orynbayev, former Deputy Prime Minister of Kazakhstan and World Bank Governor on behalf of the country.
With policymakers projecting a further two quarter-point cuts to the US benchmark interest rate in 2025 (Reuters), TurmaFinTech aims to provide community banks with the tools they need to navigate the low-rate landscape, digitalize, and compete with larger, more technologically advanced financial institutions.
As stringent monetary policy continues to ease, banks could assess customer borrowing needs and maximize upselling opportunities faster by embedding AI and ML into their operations. Bigger banks are already investing heavily, with J.P. Morgan estimated to spend $17 billion on emerging tech in 2024 (TechTarget). Community banks want to embark on their own digital transformations, but only 20% see themselves as experts in data analytics (BNY), and tighter resources hold them back.
TurmaFinTech’s flagship product is RedBee Platform - an affordable customer data platform helping community banks digitalize for less. RedBee allows them to quickly harness insights and tailor customer communication, improving retention outcomes and upselling opportunities. It takes away the hassle of data storage and analysis, using real-time data processing and ML to understand customer needs.
The team hopes the platform will prove a useful companion to community banks across the US and looks forward to scaling their client base over the next 12-18 months.
Adam Turmakhan, CEO and COO of TurmaFinTech, said: “We’re thrilled to introduce TurmaFinTech and our flagship product, RedBee Platform, to community banks across the US. We’ve ensured that every minute detail is accounted for and created a tool which we are confident will take small banks to the next level.
“The US banking sector is one of the most diverse in the world, but for smaller players with less capacity for experimentation costs and digitalization, the growing technological lag, decrease in profitability, and customer churn pose serious threats. We want to help banks tackle this head-on by helping them utilize 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 larger competitors, so they should be in a great position to personalize their services. But the reality is that they’re facing a technological lag which has been tying up progress for far too long.
“I have full belief in Adam and his team and look forward to continuing to offer my support and guidance as we scale.”