Lumin Digital, a cloud-native digital banking answer supplier, has teamed up with course of automation supplier FINBOA to assist paperless cost dispute administration.
This collaboration is ready to assist Lumin Digital’s monetary establishment prospects supply their members self-service choices and speed up cost dispute resolutions.
With the monetary trade grappling with rising volumes of cost disputes, many banks and credit score unions proceed to rely on outdated, handbook, paper-based strategies or disjointed methods to handle compliance deadlines.
This typically results in errors, heightened danger, communication points, delayed resolutions, and missed compliance dates.
FINBOA addresses these points by automating regulatory compliance and decision-making processes.
The mixing of FINBOA’s Fee Disputes answer with Lumin Digital’s providers is predicted to enhance account holder servicing whereas concurrently slicing down compliance danger.
Monetary establishments utilising FINBOA’s answer have reported as much as a 90% lower in dispute consumption effort. They’ve additionally reported as much as an 80% fall in audit preparation time, whereas reducing claim-related write-offs and losses by a median of 25%.
Lumin Digital chief product officer Sean Weadock mentioned: “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 staff, which is actively fixing the painful technique of handbook dispute decision.”
“This partnership is an thrilling step that provides one other progressive integration and showcases the pliability of the Lumin Digital platform.”
The collaboration will allow a totally digital, self-service cost dispute consumption course of by Lumin Digital’s on-line and cellular platforms, altering the handbook method into a wise workflow.
FINBOA CEO and founder Raj Singhal mentioned: “The partnership with Lumin Digital is a win-win for our mutual monetary establishments as they face rising volumes of cost disputes and stringent regulatory necessities with tight response timelines. We’re delighted to supply a paperless cost dispute course of built-in with Lumin Digital’s on-line banking providers.”
In June 2024, Lumin Digital partnered with one other fintech, Pinwheel, identified for facilitating frictionless account activation for monetary establishments.
This alliance built-in Pinwheel’s seamless account activation expertise into Lumin Digital’s digital banking platform.
“Lumin Digital, FINBOA companion to ease dispute decision for banks” was initially created and revealed by Retail Banker Worldwide, a GlobalData owned model.
