February 23, 2021, HOUSTON, Texas, Oconee State Bank has partnered with FINBOA, a leading innovator in digital automation and regulatory compliance for financial institutions, to empower their back-office workforce with end-to-end automation that digitizes time-consuming workflows.

As the COVID-19 outbreak disrupted day-to-day banking and compliance operations, Oconee State Bank was prepared to accept, track and manage disputed claims remotely.  By implementing FINBOA’s Regulation E Dispute Tracking SaaS solution, the bank was able to effectively manage a rising number of claims, eliminate paper-based processes, avoid complicated audits and overcome the challenge of staff training.  In addition, Oconee State Bank’s use of process automation offered customers an end-to-end digital experience while eliminating the manual systems that can cause regulatory deficiencies.

By automating Reg E Dispute Tracking, SBA|PPP Loan Applications, CIP Exception Tracking and many more workflows, FINBOA’s back-office solutions help banks and credit unions reduce cost, financial loss and reputation damage. In addition, FINBOA’s modular framework transforms managing complex processes with simple, rule-based, one-click automations that eliminate the need to re-key data, saving hours of valuable time.

“Because of FINBOA’s cloud-based solution, we were prepared for the transition to remote work after the onset of the pandemic,” said Jennifer Rudd, AVP, Business Services Manager of Oconee State Bank. “With FINBOA, employees are able to efficiently complete tasks and focus their skills without complicated, manual processes slowing them down. By receiving documents digitally through FINBOA’s solution, Oconee State Bank was able to reduce the amount of time it took to file consumer disputes by more than 80%.”

“Through this partnership, we are able to help them streamline arduous steps required for compliance and other workflows with a SaaS-based process automation platform,” said Raj Singal, VP of FINBOA. “By bringing together digital transformation, regulatory compliance, robotic process automation and customer experience, FINBOA continues to provide financial institutions, like Oconee State Bank, with tools that improve operational efficiency and centralize document management.”

About Oconee State Bank

Oconee State Bank is a leading financial institution with a vision to be essential to the lives, businesses, and communities served. In February 2020, Oconee State Bank celebrated 60 years of service and continues to be the only locally owned and operated community bank headquartered in Oconee County, Georgia. Oconee State Bank has proudly served the local community, providing an unparalleled commitment to personalized service, innovative products and solutions, and seeks to bring exceptional value to customers through local ownership, involvement, and decision-making. Oconee State Bank continuously strives to create remarkable experiences that significantly mark the lives of others.

You may also like

Reg E for Dummies: A Beginner's Guide to Reg E for Banking Operations
Reg E for Dummies: A Beginner's Guide to Reg E for Banking Operations
2 May, 2024

If you're new to the banking operations team, you're probably hearing a lot about something called "Regulation E" or "Re...

More Digital Payments Means More Disputes in 2021
More Digital Payments Means More Disputes in 2021
10 March, 2021

March 10, 2021, HOUSTON, Texas, –“Between rising payments and fraud, how effective a financial institution executes on c...