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.