The Challenge

Like many financial institutions, First Bank sometimes struggled to ensure full compliance with Regulation E (Reg E). The Bank’s internal communication was inefficient, so information about claim status was hard to access. First Bank turned to FINBOA Inc. to provide a cost-effective and efficient Reg E compliance process automation solution.
 
First Bank, which operates nine branch offices in Illinois and Indiana, offers a variety of banking, investment and money management services to local businesses and consumers. FINBOA Reg E SaaS tracks disputes that consumers have with electronic funds transfers and bank card transactions. Before implementing the FINBOA dispute tracking solution, First Bank kept track of such interactions with Microsoft Excel spreadsheets and Adobe forms. Whenever a dispute arose, the Bank’s Retail Department worked with the customer to fill out a form that was sent to Operations, setting off a series of steps resulting in an eventual resolution.
 
Learn how they overcame inefficiencies and communication challenges with automation, cutting claim processing time in half while improving information access, communication and customer experience. 
 

You may also like

Key Differences Between Regulation E and Regulation Z
Key Differences Between Regulation E and Regulation Z
6 May, 2024

Among the important regulations, Regulation E (Reg E) and Regulation Z (Reg Z) play significant roles in protecting cons...

Receive Emails for your Debit Card Risk Management
Receive Emails for your Debit Card Risk Management
30 January, 2017

When there has been debit card fraud, you need to respond rapidly to protect your financial institution. The best Reg E ...

Legence Bank Tackles Growing Reg E Dispute Volume
Legence Bank Tackles Growing Reg E Dispute Volume
7 March, 2022

The Challenge Legence Bank’s Customer Base Doubled In Size and Dispute Volume Was Growing Faster Than The Team Could Han...