Digital banking supplier Lumin Digital has turned to course of automation supplier FINBOA for enhanced dispute administration.
FINBOA’s expertise has produced as much as a 90% discount in dispute consumption effort and as much as an 80% discount in audit prep time.
Headquartered in Houston, Texas, FINBOA made its Finovate debut at our all-digital convention within the spring of 2021.
Course of automation supplier FINBOA has teamed up with digital banking supplier Lumin Digital to reinforce the corporate’s dispute administration operations. This may give Lumin Digital’s monetary establishment purchasers the flexibility to expedite their fee disputes and facilitate quicker resolutions.
“As an organization devoted to enhancing the digital banking expertise for monetary establishments and their prospects, we’re thrilled to be partnering with the FINBOA workforce, which is actively fixing the painful strategy of handbook dispute decision,” Lumin Digital Chief Product Officer Sean Weadock mentioned. “This partnership is an thrilling step that provides one other progressive integration and showcases the pliability of the Lumin Digital platform.”
Lumin Digital presents digital options for retail banking, business banking, and account opening to assist monetary establishments higher maximize effectivity and interact prospects and members. The corporate’s platform combines native microservices with cloud expertise to provide banks and credit score unions the flexibility to deploy new options that scale independently and allow them to develop and evolve as quantity grows. Based in 2016 and headquartered in San Ramon, California, Lumin ended final 12 months with $160 million in progress fairness financing in a spherical co-led by NewView Capital, Mild Road Capital, and Companions Group.
The alliance between Lumin Digital and FINBOA comes as rising fee dispute volumes are placing a pressure on handbook, paper-based dispute decision processes, in addition to on non-integrated methods. This doubtlessly results in extra errors, better danger, and even missed compliance deadlines. To this finish, FINBOA’s expertise digitizes and automates compliance and determination processes to supply higher account holder servicing and decrease regulatory danger. The corporate notes that establishments utilizing its expertise have loved a discount in dispute consumption effort of as much as 90%, a discount in audit prep time of 80%, and a mean 25% discount in claim-related write-offs and losses.
“The partnership with Lumin Digital is a win-win for our mutual monetary establishments as they face rising volumes of fee disputes and stringent necessities with tight response timelines,” FINBOA Founder and CEO Raj Singal mentioned. “We’re delighted to supply a paperless fee dispute course of built-in with Lumin Digital’s on-line banking providers.”
Based in 2016 and primarily based in Houston, Texas, FINBOA made its Finovate debut at our all-digital convention within the spring of 2021. On the occasion, FINBOA demonstrated its Office Compliance Automation Platform, which supplies centralized information administration, automated timeline notifications, personalized letters, digital signatures, workflow configuration, GL integrations with core, robotic automations, and compliance guidelines. A 2024 Finovate Award finalist within the “Finest Again-Workplace/Core Companies Answer” class, and a member of the 2024 Inc. 5000, FINBOA counts greater than 200 banks and credit score unions amongst its prospects.
Picture by Nate Hovee
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