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Sandia Area FCU successfully streamlined their processes, leading to significant time savings and a 99% success rate in meeting Regulation E (Reg E) compliance timelines. Read the full case study here or view a summary below.
The Challenge: Manual Processes Impacting Efficiency and Compliance
Before adopting FINBOA’s automated solution, Sandia Area FCU faced various challenges in their dispute processing:
• Long processing times that often resulted in missed Reg E compliance deadlines.
• Inconsistencies in data collection and member communication, negatively affecting service quality.
• Increased expenses due to errors, losses, and the need for full-time staff to manage high dispute volumes.
Manual tracking and lack of visibility into the status of disputes not only created operational inefficiencies but also put compliance at risk. Sandia Area FCU knew it was time for a change.
The Solution: FINBOA Payment Disputes
Sandia Area FCU implemented FINBOA Payment Disputes, a robust and scalable processing solution that seamlessly integrates with other banking systems. The solution automated their dispute processing, allowing them to:
• Simplify dispute administration for various transactions (debit card, ACH, Bill Pay, etc.) while adhering to Reg E requirements.
• Improve audit tracking, reduce processing time, and minimize errors.
• Enhance member experience by offering immediate status updates for claims.
Results Worth Talking About
Since adopting FINBOA, Sandia Area FCU has documented impressive results:
• 99% Reg E Compliance Success: Sandia Area FCU now completes 99% of claims within the Reg E time frame, significantly improving compliance and reducing risk.
• Time Savings: Automated workflows and integrated data have saved up to 10 minutes per dispute claim, freeing up staff time for other critical tasks.
• Improved Member Experience: Enhanced data tracking and simplified claim status updates have resulted in fewer member correspondences and faster responses to inquiries.
• Reduced Errors: Automation has virtually eliminated errors during the intake process, leading to better outcomes for both the credit union and its members.
A Closer Look: Read the Full Case Study
Want to dive deeper into how Sandia Area FCU transformed their operations and achieved these remarkable results? Download the full case study now to learn about their journey, the benefits realized, and how FINBOA Payment Disputes could potentially revolutionize your institution’s dispute process.