online shopping debit card dispute tracking

Banks typically spend 1 hour per Reg E dispute with spreadsheets or in-house solutions or solutions built by third party vendors. At 20 disputes per month it will require 20 hours per month using your current in-house practice based on the use multiple systems and manual steps that cause regulatory deficiencies, customer frustration, and require time consuming and expensive oversight.

In addition Customer Experience is poor. Customers have to go to the branch to sign documents. This is Inconvenient and customers are not happy. There is a risk of losing customers to bigger banks in your area that utilize E-Signature Technology so customers do not have to come to a branch to file a dispute.

The FINBOA Difference

The FINBOA end-to-end process automation is optimized and paperless for compliance with Reg E requirements. It eliminates the need to use multiple systems and manual steps that cause regulatory deficiencies, customer frustration, and require time consuming and expensive oversight. It cuts down the regulatory deficiencies due to incorrect reported date. Customers get a completely digital experience with e-Signatures

Use of FINBOA reduces substantially the time spent by the bank on dispute resolution. With FINBOA the Time Spent for 20 disputes a month, drops to 2 hours per month (a 90% Reduction). FINBOA clients report they complete in minutes what used to take hours and get great reviews from their customers and auditors. Time saved allows bank to create additional revenue opportunities.