Lumin Adds FINBOA’s Dispute Management Capabilities to Digital Banking Platform

Lumin Digital said Tuesday (Jan. 7) that it will add enhanced, paperless dispute management capabilities to its digital banking platform through a new partnership with process automation provider FINBOA.

With this partnership, Lumin’s financial institution clients will be able to allow their members to self-serve and expedite payment disputes on their accounts, making for more accurate and efficient resolutions, the companies said in a Tuesday press release.

This integration will help Lumin enhance the digital banking experience for both financial institutions and their customers with the help of FINBOA, “which is actively solving the painful process of manual dispute resolution,” Lumin Digital Chief Product Officer Sean Weadock said in the release.

FINBOA’s Payment Dispute Management solution digitizes and automates regulatory compliance and decision processes, eliminating the challenges that many banks and credit unions face with their current manual, paper-based processes or non-integrated systems, according to the release.

Financial institutions using the solution have reduced dispute intake effort by as much as 90%, audit prep time by up to 80% and claim-related write-offs and loss by an average of 25%, the release said.

For account holders, the integration of FINBOA’s Payment Dispute Management and Lumin Digital’s online and mobile services can deliver a payment dispute intake process that is completely digital and self-service, per the release.

“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 deadlines,” FINBOA CEO and Founder Raj Singal said in the release.

Card disputes are friction points that represent critical moments that can either cement or destroy customer loyalty, according to the PYMNTS Intelligence and Banyan collaboration, “How Card Disputes Are an Opportunity to Cultivate Customer Loyalty.”

The report found that 86% of frequent card users said they were likely to continue using cards that efficiently handled their disputes.

In another recent move, Lumin Digital partnered with Alacriti in July, saying it aimed to enable financial institutions to offer a seamless loan payment experience.

The collaboration includes the integration of Alacriti’s Orbipay loan payment solution with Lumin’s digital banking solutions.