Banking Dive writes about two Nashville-seasoned banking executives who have launched their third collaboration, and it has some unique features.
Dan Dellinger and Farzin Ferdowsi, who also owns 90 Taco Bell franchises, plan to grow Sonata Bank into a national digital platform serving employees of the quick-service restaurant (QSR) industry. Dellinger, Sonata’s President and Chief Executive Officer (CEO), was instrumental in the launch of two previous banks where he teamed-up with Ferdowsi, CEO of Management Resources Company, on both ventures.
Their business plan includes helping fast food restaurants address the pervasive problem of recruiting and retaining employees, only exacerbated in the era of the “Great Resignation.” How are they going to do so? Dellinger said Sonata Bank plans to add nonbanking products such as telehealth and financial literacy to the platform. The goal is to help franchise owners offer a competitive employee package to their workers to help reduce turnover.
Click here to learn more.