Carter Bank, a $4.6 billion financial institution with 65 branches across Virginia and North Carolina, faced significant challenges in managing high dispute volumes using manual processes. With an annual dispute volume of 33,000 cases, the bank struggled with inefficiencies, compliance risks, and labor-intensive workflows. These issues resulted in backlogs, regulatory fines, and a lack of standardization, prompting the need for an automated solution. Download the full case study here.
To address these challenges, Carter Bank implemented FINBOA Payment Disputes, a cloud-based automation platform that streamlined dispute intake, automated workflows, and enhanced regulatory compliance. By eliminating manual tracking and integrating a digital-first dispute resolution system, the bank saw dramatic improvements, including a 500% return on investment, 50% boost in operational efficiency, and a significant reduction in compliance errors. The system also minimized regulatory risks by ensuring timely dispute resolutions and eliminating outdated manual processes.
The transition to FINBOA not only enhanced Carter Bank’s cost efficiency and compliance adherence but also transformed customer service and operational performance. By automating dispute handling, the bank reduced SLA misses from 20-25% to single digits, eliminated 23 manual letter templates, and empowered managers with real-time dispute visibility. This case study highlights how financial institutions can leverage automation technology to reduce costs, improve compliance, and optimize operational efficiency.
