Digital banking supplier Lumin Digital has turned to course of automation supplier FINBOA for enhanced dispute administration.
FINBOA’s know-how 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. It will give Lumin Digital’s monetary establishment purchasers the power to expedite their cost disputes and facilitate sooner resolutions.
“As an organization devoted to enhancing the digital banking expertise for monetary establishments and their clients, we’re thrilled to be partnering with the FINBOA crew, which is actively fixing the painful strategy of handbook dispute decision,” Lumin Digital Chief Product Officer Sean Weadock stated. “This partnership is an thrilling step that provides one other modern integration and showcases the flexibleness of the Lumin Digital platform.”
Lumin Digital provides digital options for retail banking, business banking, and account opening to assist monetary establishments higher maximize effectivity and have interaction clients and members. The corporate’s platform combines native microservices with cloud know-how to offer banks and credit score unions the power 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 yr with $160 million in development 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 cost 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, larger threat, and even missed compliance deadlines. To this finish, FINBOA’s know-how digitizes and automates compliance and choice processes to supply higher account holder servicing and decrease regulatory threat. The corporate notes that establishments utilizing its know-how 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 cost disputes and stringent necessities with tight response timelines,” FINBOA Founder and CEO Raj Singal stated. “We’re delighted to supply a paperless cost 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 gives centralized knowledge administration, automated timeline notifications, custom-made 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 Resolution” class, and a member of the 2024 Inc. 5000, FINBOA counts greater than 200 banks and credit score unions amongst its clients.
Photograph by Nate Hovee
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