Fintech provider FINBOA experiences significant second quarter growth

FINBOA, Inc. a leading innovator in digital process automation and regulatory compliance for financial institutions, experienced an impressive second quarter in 2021 as a result of customer growth and industry recognition.

Compared to Q2 2020, new customers increased by approximately 230% in Q2 2021. This is accredited to FINBOA’s proven SaaS solutions that simplify compliance and back-office operations using process automation, such as Regulation E Dispute Tracking, CIP/Loan Exception Tracking, ACH Origination and Legal Case Management. In addition, new customer revenue growth has increased by nearly 125% as FINBOA increases operational efficiency and empowers back-office staff by eliminating time-consuming, error-prone manual processes.

“The FINBOA team is exceptionally proud of our success garnered throughout the first half of the year,” said Raj Singal, CEO of FINBOA. “FINBOA’s framework provides financial institutions that need to transform their back-office processes and automate key regulatory compliance requirements the tools to be successful. Time and time again our current clients as well as the new ones share with me how using process automation eliminates the need for manual systems that are tedious for their staff and result in frustrated customers.

“We are committed to providing optimal value and the ultimate return on investment to our clients, which can be illustrated by those of our customers that have undergone second implementations. We look forward to what is to come in the future as we strive to place process automation within reach,” Singal added.

First Bank’s Senior Vice President and Chief Technology Officer Chris Bailey shared, “The FINBOA team has been great. They are responsive, listen and understand our challenges, and they have implemented software changes to solve them. Since launching Regulation E Dispute Tracking in November 2018, we have had no Reg E timeline violations.” 

The company was selected as a 2021 TAG FinTech ADVANCE Award winner by the Technology Association of Georgia (TAG). The TAG FinTech ADVANCE program recognizes U.S. fintech companies with connections to Georgia that deliver measurable results and help the financial industry move forward through innovation.