Lumin Digital Taps FINBOA As Digital Banking Automation Partner For Enhanced Dispute Management

SAN RAMON, Calif., Jan. 7, 2025 /PRNewswire/ -- Today, the leading cloud-native digital banking provider, Lumin Digital (Lumin), announced it has partnered with process automation provider FINBOA. The partnership will enable Lumin's customer base of financial institutions to allow their members to self-serve and expedite payment disputes on their accounts for more accurate and efficient resolutions.

While faced with growing payment dispute volumes, many banks and credit unions still rely on manual, paper-based processes or non-integrated systems to track compliance-mandated deadlines — increasing errors, risk, communication problems, resolution delays, and missed compliance timelines. FINBOA resolves these challenges by digitizing and automating regulatory compliance and decision processes. Lumin users who choose to use FINBOA's Payment Disputes solution will benefit from better account holder servicing and reduced compliance risk. Institutions using FINBOA have seen up to 90% reduction in dispute intake effort, up to 80% reduction in audit prep time, and an average of 25% reduction in claim-related write-offs and loss.

"As a company dedicated to enhancing the digital banking experience for financial institutions and their customers, we are thrilled to be partnering with the FINBOA team, which is actively solving the painful process of manual dispute resolution," said Sean Weadock, Chief Product Officer at Lumin Digital. "This partnership is an exciting step that adds another innovative integration and showcases the flexibility of the Lumin Digital platform."

Account holders increasingly prefer using digital channels for simple transactions. FINBOA and Lumin Digital are uniquely positioned to meet account holders' needs. FINBOA's Payment Disputes, integrated with Lumin Digital's online and mobile services, can enable a completely digital, self-service payment dispute intake process, transforming the time-consuming manual process into a smart workflow that significantly improves traditional dispute processing.

"The partnership with Lumin Digital is a win-win for our mutual financial institutions as they face increasing volumes of payment disputes and stringent regulatory requirements with tight response timelines," said Raj Singal, CEO and Founder of FINBOA. "We are delighted to offer a paperless payment dispute process integrated with Lumin Digital's online banking services."

About FINBOA
FINBOA provides intelligent process automation software to banks and credit unions to simplify dispute processing and improve regulatory compliance by eliminating manual systems. Solutions include FINBOA Payment Disputes along with companion products, FINBOA BI Disputes and AutoDecision. FINBOA delivers transformative software proven to enable institutional growth by reducing operational costs and risk.

In 2024, FINBOA received industry accolades including the US FinTech Awards 2024: Banking Tech of the Year, PayTech USA Award: Tech of the Future, Finovate Award finalist, CU Times Luminary Award for Product Innovation, Jack Henry Associates' Cobalt Integrator's Award and selection for the ICBA ThinkTech Accelerator's program; as well as being named to the INC 5000 list of fastest growing U.S. businesses.

Headquartered in Houston, FINBOA is trusted to help over 250 financial institutions nationwide achieve targeted business outcomes and peace of mind.

Learn more at www.finboa.com or follow us on LinkedIn, Facebook and X Twitter.

About Lumin Digital
Lumin Digital is the leading, future-ready digital banking solution powering remarkable growth for financial institutions across the United States. Combining innovation, data, and speed, Lumin's disruption-proof platform was born in the cloud to stay ahead of the evolving expectations of retail and business banking users. With Lumin Digital's unique approach, our clients innovate and scale at their own pace, optimize digital banking ROI, and create a strong digital relationship with their customers. For more information, visit lumindigital.com.

SOURCE Lumin Digital