In a significant development in the digital banking landscape, Lumin Digital, a cloud-native digital banking provider, has announced a partnership with FINBOA, a process automation provider. This collaboration aims to enhance the capabilities of Lumin’s financial institution clients by enabling their members to self-serve and expedite payment disputes, thereby ensuring quicker and more accurate resolutions.
In light of a growing number of payment disputes, many banks and credit unions continue to depend on outdated manual systems and paper-based processes to manage compliance and track dispute resolutions. Such reliance has led to increased errors and communication issues, resulting in delayed resolutions and missed compliance timelines. To address these challenges, FINBOA is offering digital solutions that automate regulatory compliance and streamline decision-making processes. Institutions leveraging FINBOA’s Payment Disputes solution can expect notable improvements in operational efficiency, including a reduction of up to 90% in dispute intake efforts, an 80% decline in audit preparation time, and an average decrease of 25% in claim-related write-offs and losses.
Sean Weadock, Chief Product Officer at Lumin Digital, expressed enthusiasm about the partnership, stating, “As a company dedicated to enhancing the digital banking experience for financial institutions and their customers, we are thrilled to be partnering with the FINBOA team, which is actively solving the painful process of manual dispute resolution.” He further noted that this collaboration not only strengthens Lumin's platform but also exemplifies its commitment to innovation.
The evolving preferences of account holders increasingly favour digital channels for managing transactions. The integrated Payment Disputes solution from FINBOA and Lumin Digital is tailored to meet these needs, transforming traditionally cumbersome processes into efficient, smart workflows. This advancement promises to deliver a fully digital, self-service payment dispute intake process, significantly enhancing the customer experience for users of Lumin’s online and mobile banking services.
Raj Singal, CEO and Founder of FINBOA, highlighted the mutual benefits of the partnership, stating, “The partnership with Lumin Digital is a win-win for our mutual financial institutions as they face increasing volumes of payment disputes and stringent regulatory requirements with tight response timelines.” He emphasised that the new paperless process will be seamlessly integrated with Lumin Digital’s services, marking a substantial step forward in addressing the complexities associated with payment disputes in the financial sector.
As this partnership unfolds, the implications for business practices within the banking industry could be profound. The integration of automation and digital solutions is anticipated to not only improve the efficiency of dispute resolutions but also reshape how financial institutions manage compliance and customer service in an increasingly digital era.
Source: Noah Wire Services