Fintech provides transformative compliance automation for 135+ banks and credit unions
HOUSTON, July 21, 2022 /PRNewswire/ -- FINBOA, Inc., a leading innovator in intelligent process automation for regulatory compliance in financial institutions, announced 104% revenue growth in the first half of FY2022 over same period 2021. FINBOA attributes the continued success to offering a proven portfolio of software solutions specifically designed for banks and credit unions. Created to transform back-office processing and the customer experience using RPA, FINBOA increases staff efficiency and accuracy, while reducing compliance costs, loss and risk.
FINBOA's industry recognized SaaS products digitize and modernize the inefficient manual processes or systems commonly used to manage regulatory compliance processing for Payment Disputes, Exception Management, and Loan or Treasury Onboarding.
FINBOA sales pipeline remains strong, fueling new business momentum into Q3 and beyond. During H1 2022, more than 135 financial institutions nationwide, with asset sizes ranging from tens of millions to billions, utilized FINBOA software. In addition to securing 23 new institutions as customers this year, FINBOA experienced increased demand from existing customers choosing to implement additional offerings from FINBOA's growing product portfolio.
FINBOA CEO and Founder, Raj Singal commented, "Tackling process automation can help financial institutions compete and win while improving the level of service provided to their account holders. We continue our mission to empower the back office workforce, allowing compliance teams to be more responsive and alert to trends, enabling better decision-making and saving both cost and time."
In 2Q, FINBOA formally announced a partnership with Computer Services Inc. (CSI) for CSI to resell FINBOA payment dispute management software. In April, FINBOA was named a Fintech Banking Tech finalist for the Tech of the Future award.
FINBOA partners with customers to ensure successful implementation and solution adoption. Account retention remains high as FINBOA users experience real results. For example, FINBOA's Regulation E Dispute Management solution reduces claim-related losses up to 25% and process time by 90%, all with an average implementation timeline of 30-45 days.
FINBOA provides intelligent process automation to banks and credit unions to simplify and improve regulatory compliance by eliminating manual systems. Leveraging extensive industry experience and a commitment to customer service, FINBOA delivers transformative software proven to enable institutional growth by reducing operational costs and risk. FINBOA is headquartered in Houston. Learn more at www.finboa.com or follow us on LinkedIn, Facebook and Twitter.