Across the country, the COVID-19 pandemic massively disrupted banking operations and compliance requirements. While staying ahead of that curve is a high priority for Oconee State Bank, worker displacement throughout the institution created significant challenges to their processes. Shelter in place or stay at home directives accelerated remote work for bank employees, leaving bank customers unable to visit branch lobbies.
Before implementing FINBOA, Oconee State Bank handled Reg E Disputes using spreadsheets, paper forms, and word processors. Data was rekeyed multiple times into different applications as well as their core banking system. When considering a solution, the team looked to solve the following challenges:
- Increased growth and a corresponding increase in fraud disputes
- Keeping compliance processes in line with Reg E requirements
- Additional staffing for ongoing compliance needs
- Complicated, time consuming manual processes negatively impacting audits
“The fast moving situation took everyone by surprise,” said Jennifer Rudd, Operations Specialist in ATM/Debit Card Program at Oconee State Bank in Watkinsville, GA.
FINBOA Reg-E Process Automation Solution
Oconee State Bank decided to go with the FINBOA Cloud Hosted solution because of strong references, quality of service, better pricing, an easy to use interface, PCI DSS certification, and faster implementation. FINBOA started the implementation immediately. Workflows for Debit Card, ACH, ATM, and Stop Payment processes were set up in about a week with batch file transmissions set up relatively quickly thereafter.
FINBOA reviewed all the workflows with Oconee State Bank staff to identify additional changes. After a back office training session, their team took control, started testing the solution, and achieved a working comfort level with the software relatively quickly.
Before going live, Oconee State Bank needed a way to calculate interest on claims. The FINBOA team worked with Rudd and her staff on an easy to use interest calculator.
Once the calculator was completed the back office gave the green light and retail staff was trained to submit disputes electronically. Oconee State Bank went live about 1 month before COVID-19 restrictions were imposed.
The resulting end to end digital process eliminated paper and centralized everything into one solution. The dispute experience improved significantly, with customers receiving a link to sign forms digitally within a few minutes of submitting their claims.
Retail staff was quick to adopt FINBOA and started submitting disputes electronically. Efficiency improved using process automation. Time consuming steps were replaced by one click automations.
In receiving documents digitally, Oconee State Bank reduced the amount of time it took to file consumer disputes by over 80%. Communication between Rudd and staff improved with uniform digital forms.
The centralized system allowed everyone to refer to one source, reducing the time and energy to manage deadlines and provide customers updates on their disputes. Compliance staff access to the system made for easier communication.
The Bottom Line
FINBOA helped Jennifer Rudd and Oconee State Bank eliminate manual paperwork. As FINBOA continues their relationship, additional workflows will likely be added to their Reg E solution as well as in other parts of the bank. A back office process automation solution adds value for the institution, reduces risk, and provides bank customers a better experience. In times of economic uncertainty it is important for banks to invest in their customer’s trust. FINBOA can help.