HOUSTON, Feb. 28, 2022 /PRNewswire/ -- FINBOA, Inc., a leading innovator in intelligent process automation for regulatory compliance in financial institutions, announced record growth in 2021. FINBOA attributes the continued success to a growing portfolio of SaaS products for banks and credit unions. FINBOA's award winning solutions automate the inefficient manual processes commonly used to manage Reg E Payment Disputes, Account/Customer Exceptions, ACH Originations, and Wire Approvals.
Created to transform back-office processing and the customer experience using RPA, FINBOA increases staff efficiency and accuracy, while reducing compliance costs and risk. Propelled by a strong 4Q2021 performance that doubled revenue and new customer acquistions over 3Q2021, FINBOA achieved 173% growth in FY2021 revenue, with an average contract value increase of 151% Y/Y. Additionally, the company's account base expanded by 143%. FINBOA now services nearly 100 banks and credit unions nationwide with assets sizes up to $25 billion. Guided by customer need, FINBOA offers integration capabilities with industry-leading banking system providers including FIS, FISERV, FINASTRA, Jack Henry, and CSI cores.
FINBOA was selected as a 2021 Finovate Awards finalist in the Best Back-Office/Core Services solution category, and named a 2021 FinTech ADVANCE Award winner for impactful innovation. Furthermore, throughout the year, prominent Fintech and Financial publications have featured the insighful thought-leadership of FINBOA CEO and Founder, Raj Singal,
"We are grateful for the business growth and industry recognition FINBOA achieved in 2021," said Singal. "Our success illustrates our ongoing commitment to creating industry-specific products that deliver measurable results, while being easy to use and quick to deploy. Ultimately our mission is to help institutions transform compliance and empower the back-office workforce through accessible process automation."
FINBOA partners with customers to ensure successful implementation and solution adoption. Account retention remains strong as FINBOA users experience real results. For example, FINBOA's Regulation E Dispute Management solution reduces claim-related losses up to 25%, chargebacks by 40%, and customer branch visits by 90%, all with an average implementation timeline of 30 days.