Community bank partners with fintech provider to digitally transform their back-office operations
First Bank continues to benefit from the successful implementation of Regulation E (Reg E) Dispute Tracking with FINBOA, a leading innovator in digital process automation, regulatory compliance and enhanced customer experiences.
First Bank continues to benefit from the successful implementation of #RegE Dispute Tracking with @finboatweets, a leading innovator in digital process automation, regulatory compliance and enhanced customer experiences
With 12 branches in Indiana and Illinois, First Bank required a system to ensure that Reg E timelines were being tracked accurately for debit card disputes and reduce the risk of fines. The bank also wanted to add e-signatures to improve its client experience. After partnering with FINBOA, First Bank achieved both goals with a single solution.
FINBOA’s Regulation E Dispute Tracking improves operational efficiency, customer experience and regulatory compliance for financial institutions. The Reg E solution eliminates manual rekeying of data to increase accuracy, decrease regulatory oversight and reduce cost.
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“From our customers’ perspective, we have made it easier for them to file and complete a dispute should they have fraudulent debit card activity. FINBOA has been very well received by our account holders with 64% taking advantage of the electronic signature option,” said Chris Bailey, First Bank’s Senior Vice President and Chief Technology Officer. “The FINBOA team has been great. They are responsive, listen and understand our challenges, and they have implemented software changes to solve them. Since launching Regulation E Dispute Tracking in November 2018, we have had no Reg E timeline violations.”
“We developed FINBOA to transform dispute tracking for bank customers and the back-office staff,” said Raj Singal, CEO of FINBOA. “Using process automation, we are eliminating the need for manual systems that are tedious for financial institution staff and leave customers frustrated. First Bank is a prime example of how digital transformation and process automation can improve the customer experience and reduce the risk for financial institutions. We are excited by the results First Bank has seen and look forward to its continued success in the future. Most exciting for me is when I hear that bank staff is freed up to do more meaningful work.”
