HOUSTON--(BUSINESS WIRE)--FINBOA, Inc., a leading innovator in digital automation and regulatory compliance for financial institutions, announced significant growth in the first quarter of 2021 as a result of its portfolio of process automation solutions such as Regulation E Dispute Tracking, CIP/Loan Exception Tracking, ACH Origination and Legal Case Management.
Compared to Q1 2020, the company increased its new customers by 100% in Q1 2021. This can be attributed to FINBOA’s transformative back-office processes that enhance customer experience and process automation for community banks and credit unions. Furthermore, the average size of customer deals has increased by 163% as FINBOA helps to reduce compliance costs and risk for the increasing number of digital transactions that financial institutions face. Additionally, FINBOA now has more than 70 customers.
“FINBOA has kicked off 2021 with strength,” said Raj Singal, VP of Compliance Products and Founder of FINBOA. “2021 is a pivotal year for all financial institutions adjusting to the new normal, and FINBOA will continue to play a vital role. We provide the framework on how established companies can transform their back-office process and automate regulatory requirements in a secure environment.”
FINBOA also continues to share industry knowledge with financial institutions through its monthly webinar series, next hosted by Singal on May 20. Additionally, FINBOA was also one of 30 companies selected to demonstrate innovative products at FinovateSpring 2021, where FINBOA will showcase its automation and digital transformation solution for financial institutions throughout the event, with a demo and live Q&A session on Wednesday, May 12. Singal said, “We are honored to have this Finovate opportunity and hope that it may further our goal to make digital process automation attainable for all community and regional banks and credit unions.”
FINBOA is a leading innovator in back-office automation for community and regional banks and credit unions. 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, process automation and customer experience. Headquartered in Houston, FINBOA engages in partnership with financial institutions across the U. S. to achieve targeted business outcomes and peace of mind. To learn more about FINBOA, request a demo or register for the next webinar, visit www.finboa.com or follow us on LinkedIn, Facebook and Twitter.