This collaboration aims to improve payment dispute resolution for financial institutions using Lumin's platform by offering a digital, self-service solution to simplify the process and improve efficiency.
Financial institutions are increasingly challenged by rising volumes of payment disputes while many still rely on manual, paper-based systems or disconnected technologies. These outdated methods often lead to errors, communication gaps, delayed resolutions, and missed compliance deadlines. FINBOA addresses these issues by automating regulatory compliance and decision-making processes. By integrating FINBOA’s Payment Disputes solution, Lumin Digital’s clients can improve account holder service while reducing compliance risks.
This integration with Lumin Digital's platform enables financial institutions to offer a fully digital and simplified payment dispute process, transforming manual workflows into efficient, automated systems.
The partnership underscores the growing demand for digital-first banking solutions as account holders increasingly prefer online and mobile channels for managing financial transactions. The combined capabilities of Lumin Digital and FINBOA aim to meet these evolving needs while supporting institutions in maintaining regulatory compliance.
Consumer demand for self-service banking solutions has surged in recent years, driven by the proliferation of digital technologies and changing customer expectations. According to Onfido’s End-User Expectations of Digital Identity Report, 81% of people say they access services online daily. This shift has placed significant pressure on financial institutions to deliver simple digital experiences that prioritise speed, convenience, and accuracy. Failure to meet these expectations risks not only customer dissatisfaction but also attrition, as a survey by Finalytics.ai shows that 40% of respondents would leave their primary financial institution for digital banking that compares to an online shopping experience.
Simple digital experiences play a critical role in building trust and fostering loyalty among account holders. Therefore, it is no surprise that, according to a SAS survey, 57% of bank leaders agree that digital transformation is among their top strategic priorities. These platforms enable faster issue resolution and more transparent communication, reducing frustration and increasing confidence in the institution's capabilities. Moreover, by addressing common pain points such as payment disputes through automated, self-service tools, banks and credit unions can strengthen their competitive position and establish themselves as forward-thinking, customer-centric organisations.
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