The Challenge

Due to multiple 2019 bank acquisitions, the Texas-based Happy State Bank and Trust Co. experienced an increase in electronic payment transaction volume. The process of expanding Happy State Bank highlighted the need to automate and the Texas-based bank decided to move away from SharePoint, which was previously used to support their manual dispute process. Gaining efficiency was important to Happy State Bank, as was avoiding additional training costs for an outdated system, non-compliant audit findings, high per-claim processing time and claim-related write-offs. The bank decided to tap FINBOA for Regulation E (Reg E) Dispute Tracking.

Reduced Write-Offs and Improved Customer Experience

FINBOA’s Reg E Dispute Tracking enlists the use of Reg E calculators to reduce errors and save time by eliminate re-keying and improving accuracy with centralized document management, custom letter generation, digital forms and e-signatures. With seamless core integration, Reg E Dispute Tracking automates across the bank’s entire enterprise to eliminate manual processing of claims and non-compliance, ultimately improving the customer experience.

Total electronic payment transactions have increased for the bank by about 33%.

Prior to enlisting the help of FINBOA, Happy State Bank had to increase its write-off threshold to keep up with volumes and stay within Reg E compliant timeframes. Write-offs went from $50 up to $100. After launching FINBOA, write-offs returned to $50. Furthermore, fraud prevention has improved with 78.5% of fraudulent transactions caught before needing to file a claim. With the bank’s prior system, customers would become negatively impacted if there were a high volume of disputes. The turnaround on provisional credits started to move from one day to three days, to five to 10 days due to these increased volumes, but FINBOA has boosted readiness so that the bank not only is prepared for large volumes, it also has more time to spend investigating to avoid write-offs.

Read the full Customer Success Story here.