First Bank Improved Compliance While Delivering a Better Customer Experience With FINBOA Regulation E Dispute Tracking

Community bank partners with fintech provider to digitally transform their back-office operations

HOUSTON--(BUSINESS WIRE)--First Bank continues to benefit from the successful implementation of Regulation E (Reg E) Dispute Tracking with FINBOA, a leading innovator in digital process automation, regulatory compliance and enhanced customer experiences.

With 12 branches in Indiana and Illinois, First Bank required a system to ensure that Reg E timelines were being tracked accurately for debit card disputes and reduce the risk of fines. The bank also wanted to add e-signatures to improve its client experience. After partnering with FINBOA, First Bank achieved both goals with a single solution.

FINBOA’s Regulation E Dispute Tracking improves operational efficiency, customer experience and regulatory compliance for financial institutions. The Reg E solution eliminates manual rekeying of data to increase accuracy, decrease regulatory oversight and reduce cost.

“From our customers’ perspective, we have made it easier for them to file and complete a dispute should they have fraudulent debit card activity. FINBOA has been very well received by our account holders with 64% taking advantage of the electronic signature option,” said Chris Bailey, First Bank’s Senior Vice President and Chief Technology Officer. “The FINBOA team has been great. They are responsive, listen and understand our challenges, and they have implemented software changes to solve them. Since launching Regulation E Dispute Tracking in November 2018, we have had no Reg E timeline violations.”

“We developed FINBOA to transform dispute tracking for bank customers and the back-office staff,” said Raj Singal, CEO of FINBOA. “Using process automation, we are eliminating the need for manual systems that are tedious for financial institution staff and leave customers frustrated. First Bank is a prime example of how digital transformation and process automation can improve the customer experience and reduce the risk for financial institutions. We are excited by the results First Bank has seen and look forward to its continued success in the future. Most exciting for me is when I hear that bank staff is freed up to do more meaningful work.”

About First Bank

Founded in 1893, First Bank has $615 million in assets, 12 branches and specializes in delivering tailored and unexpected solutions to businesses, farmers and families. Its holding company, Southern Illinois Bancorp, Inc., in Carmi, Illinois, has three other entities including First Insurance Agency, First Financial Services and Southern Illinois Title – together employing 130 associates. Learn more at MyFirst.Bank.

About FINBOA

FINBOA is a leading innovator in back-office automation for financial institutions. Leveraging more than 30 years of experience, FINBOA has created solutions to reduce compliance cost and reputational risk by bringing together digital transformation, regulatory compliance, robotic process automation and customer experience. Headquartered in Houston, FINBOA partners with financial institutions nationwide to achieve targeted business outcomes and peace of mind. To access the First Bank Customer Success Story and learn more about FINBOA, please visit www.finboa.com or follow us on LinkedIn, Facebook and Twitter.