FINBOA, Inc., a leading innovator in digital automation and regulatory compliance for financial institutions, announced record growth in 2020, entering 2021 positioned to reach new heights. FINBOA attributes its continued growth to a growing portfolio of solutions for banks and credit unions, including Regulation E Dispute Tracking, CIP/Loan Exception Tracking, ACH Origination, and Legal Case Management.
Created to transform back-office processes and the customer experience using process automation, FINBOA reduces compliance costs and risk for community and regional banks and credit unions. FINBOA saw an 89% growth in 2020 revenue. Additionally, cost-effective customer acquisition expanded the organization’s reach by doubling its customer base. FINBOA now services over 60 customers, ranging widely in asset size across 18 states.
FINBOA remains active in the Fintech Industry, as shown through recent participation in the RevTech Labs | QCFintech program and as a presenter in the Houston Pitch Day event. FINBOA continues to innovate and integrate based on customer needs, as demonstrated by their most recent Jack Henry & Associates integration to NetTeller and the Banno Digital Platform. The Digital Banking integration adds to the suite of existing integrations with FIS, FISERV, FINASTRA, and Jack Henry cores.
Furthermore, Raj Singal, VP of Compliance Products and Founder of FINBOA, has hosted ‘Process Automation Within Reach,’ a monthly series of informative webinars sharing his industry expertise with the community banks and credit unions throughout 2020.
“We are incredibly grateful for the growth and success that FINBOA achieved in 2020,” said Singal. “Our growth illustrates our commitment to creating products that are impactful, easy to adopt, and quick to deploy. As we head into the new year, FINBOA will continue to serve our clients with our innovative solutions and exceptional customer service. Ultimately we want to put automation and digital transformation within reach for more institutions.”
FINBOA partners with every customer to ensure timely, successful implementation and solution adoption. Customers remain strong advocates, having experienced measurable business value from FINBOA SaaS solutions. For example, the Regulation E Dispute Tracking solution reduced claim process losses by an average of 25%, chargebacks by 40%, and customer branch visits by 90%, all with an average Go Live online of 3-4 weeks.
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, robotic 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, please visit www.finboa.com or follow us on LinkedIn, Facebook and Twitter.