Lumin Digital Partners with FINBOA to Automate Payment Dispute Management for Financial Institutions

Lumin Digital Partners with FINBOA for Enhanced Payment Dispute Management

In a significant move aimed at improving customer experience and operational efficiency, Lumin Digital, a premier cloud-native digital banking service provider, has officially announced its partnership with FINBOA, a leader in process automation for the banking sector. This collaboration is set to streamline and enhance the management of payment disputes for a wide range of financial institutions.

Addressing the Challenges of Payment Disputes

Financial institutions are encountering increasing volumes of payment inquiries, making it imperative for them to adopt modernized systems to handle disputes efficiently. Traditionally, banks and credit unions have relied on outdated, manual processes or disparate systems that complicate compliance tracking and increase the potential for errors. Such practices can lead to missed deadlines, communication lapses, and ultimately, a negative impact on customer satisfaction.

The partnership between Lumin Digital and FINBOA aims to combat these challenges by offering a comprehensive solution that allows account holders to self-serve and expedite the management of their payment disputes. FINBOA's advanced Payment Disputes solution simplifies and digitizes the complexities of regulatory compliance and dispute resolutions, which can often be cumbersome and time-consuming.

Significant Operational Improvements

Lumin Digital's users who implement FINBOA's solution are anticipated to see remarkable improvements in service efficiency. Institutions currently using FINBOA have reported a staggering 90% reduction in the effort required to intake disputes, an 80% decrease in time spent preparing for audits, and a 25% average reduction in claim-related losses and write-offs. This allows banks and credit unions to allocate resources more effectively while enhancing the overall customer experience.

Sean Weadock, Chief Product Officer at Lumin Digital, expressed enthusiasm about the partnership, stating, "This collaboration with FINBOA allows us to continue enhancing the digital banking experience for financial institutions and their customers. Integrating these capabilities into our platform is a crucial step toward modernizing how disputes are handled and resolved."

Moving Towards a Digital-First Approach

As more banking customers favor digital solutions for everyday transactions, the need for banks to offer seamless, efficient self-service options becomes increasingly critical. The integration of FINBOA's services into Lumin Digital's existing online and mobile framework enables account holders to initiate payment disputes digitally without the cumbersome nature of traditional manual processes.

Raj Singal, CEO and Founder of FINBOA, remarked on the collaborative advantages, emphasizing, "This partnership is a double win for our financial institutions, allowing them to navigate the rising volume of payment disputes effectively while meeting stringent compliance requirements with speed. Our goal is to facilitate a seamless, paperless dispute resolution process integrated with the robust digital banking services provided by Lumin Digital."

About the Companies

FINBOA specializes in intelligent process automation software designed specifically for banks and credit unions. The company focuses on simplifying dispute processing and ensuring regulatory compliance while virtually eliminating manual approaches. Their innovative solutions have gained recognition throughout the industry, with accolades such as the US FinTech Awards and selections for various prestigious programs.

Lumin Digital, on the other hand, stands as a pioneering entity in digital banking solutions, powered by cloud technology to support the growth and transformation of financial institutions across the United States. Their dedication to leveraging innovation and data to optimize customer relationships and digital banking ROI continues to define their market approach.

As financial institutions look to the future, this partnership between Lumin Digital and FINBOA represents a significant step toward not only addressing current challenges but also aligning with the evolving expectations of a digital-first banking landscape. Clients from both sides can expect increased capabilities, enhanced risk management, and an improved pathway to operational excellence.

For further information, visit Lumin Digital and FINBOA.