Happy State Bank Partners with FINBOA to Improve Efficiency and Compliance

Strategic Insights -

Happy State Bank, a Texas-based bank and trust company, has partnered with FINBOA, a leading innovator in digital automation and regulatory compliance for financial institutions, to eliminate manual processing of claims and non-compliance issues. The partnership aims to improve the overall customer experience by streamlining dispute tracking and reducing errors. As a result of multiple bank acquisitions in 2019, Happy State Bank experienced a significant increase in electronic payment transaction volume, which necessitated a more efficient and compliant dispute process.

Key Takeaways:

  • Happy State Bank experienced a 33% increase in total payment transactions after implementing FINBOA's Regulation E Dispute Tracking solution.
  • Prior to implementing FINBOA, Happy State Bank had to increase its write-off threshold from $50 to $100 to keep up with volumes and stay within Reg E compliant timeframes.
  • After launching FINBOA, write-offs returned to $50, indicating a significant improvement in regulatory compliance.
  • FINBOA's SaaS-based solution utilizes paperless technology, Reg E calculators, centralized document management, customized letter generation, digital forms, and e-signatures to reduce errors and improve efficiency.
  • Happy State Bank's Support Manager, Lourdes Aranda, recommends FINBOA to other banks, citing its ease of use and responsiveness.
  • FINBOA's CEO, Raj Singal, states that the partnership has empowered Happy State Bank staff by increasing operational efficiency and saving valuable hours of their time.

Statistics:

  • 33% increase in total payment transactions for Happy State Bank after implementing FINBOA's Regulation E Dispute Tracking solution.
  • From $50 to $100 increase in write-off threshold prior to implementing FINBOA.
  • $50 return to write-off threshold after launching FINBOA.

Sources:

  • BusinessWire: Happy State Bank and FINBOA Partner on Digital Automation and Regulatory Compliance Solution. (June 8, 2021)
  • FINBOA: About FINBOA.