Centennial Bank Selects FINBOA for Reg E Dispute Tracking and to Increase Efficiency via Automation

Centennial Bank (NASDAQ: HOMB) has teamed up with FINBOA, an innovator in digital automation and regulatory compliance for financial institutions, in order to boost efficiency and cut down bank losses, while also enhancing client experience and empowering workers via process automation.

As virtual payments and “relentless” attacks from fraudsters continue to rise, it became important for Arkansas-headquartered Centennial Bank, with locations in Arkansas, Florida, South Alabama and New York, to find an appropriate dispute tracking solution that would “reduce the potential of compliance failures and ease use across a staff of approximately 800 employees trained to submit claims from cardholders.”

The bank also noted that it’s always looking for ways “to automate its manual processes.” Seeking to improve their success in following federal regulatory guidelines and increasing the efficiency of operations, Centennial Bank chose FINBOA for Reg E dispute tracking.

Kimberly Mantuano, e-banking card manager at Centennial Bank, stated:

“We chose FINBOA because it is scalable and sustainable, and our staff could be easily trained to use it effectively. Because 100% of people can’t be accurate 100% of the time, we have to plan for them not to always be correct. With FINBOA’s automated solution, it not only enhances our previous system, but it is also customized to meet our exact needs. The solution surpassed our expectations, and we are excited to automate more workflows with FINBOA in the future.”

Enlisting the use of Reg E calculators to cut down on errors and save time, FINBOA’s Reg E Dispute Tracking aims to reduce paper waste and increases overall efficiency with centralized document management, letter generation, automatic timeline notifications, digital forms and e-signatures. By “eliminating manual processing of claims and non-compliance, FINBOA significantly reduces dispute processing time and improves customer experience.”

Raj Singal, CEO of FINBOA, remarked:

“By implementing our Reg E Dispute Tracking solution, Centennial Bank is able to eliminate arduous steps required for compliance, making its operations run more smoothly and efficiently. Our solutions are proven and speed up delivery without sacrificing security or operability. FINBOA is dedicated to providing innovative solutions that strengthen the relationship between financial institutions, like Centennial Bank, and their account holders, while improving back-office efficiency.”

As noted in the update, Centennial Bank, a Home Bancshares company, is a full-service financial institution with branches in Florida, Arkansas, Alabama and New York and $15B in total assets.

As mentioned in the release, FINBOA is an innovator in back-office automation for community and regional banks and credit unions. Leveraging 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.”

Based in Houston, FINBOA “engages in partnership with financial institutions across the U. S. to achieve targeted business outcomes and peace of mind.”

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