Cognizant announced the launch of an AI-powered dispute management solution in partnership with ServiceNow. This Business Process as a Service (BPaaS) offering is specifically designed for mid-market banks in North America with the goal of streamlining the dispute resolution process and enhancing customer satisfaction.
Mid-market banks struggle with managing customer disputes due to fragmented systems, operational inefficiencies, customer dissatisfaction, chargeback losses, and regulatory compliance. By combining ServiceNow’s advanced dispute management technology with Cognizant’s expertise in end-to-end dispute management, the new BPaaS solution aims to improve mid-market banks’ ability to manage disputes effectively, reduce chargeback losses, and maintain customer trust. The solution leverages generative AI, highly automated workflows, and multi-channel intake to streamline dispute resolution with minimal manual intervention.
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Some key features of the dispute management solution include:
- Multiple channels to intake customer disputes (mobile, web, and CRM systems)
- Customer sentiment analysis using voice and text
- Automation and Straight-Through Processing (STP) for operational efficiency
- Workflow data fabric for Business Intelligence (BI) and analytical reporting
- Workload and recovery prediction analytics
- Automated communication frameworks for letter and email generation
“We are pleased to strengthen our partnership with ServiceNow and empower mid-market banks with AI-powered technology and operations,” said Nageswar Cherukupalli, Senior Vice President and Business Unit Head of Banking, Capital Markets, Insurance and Strategic Initiatives, of Cognizant. “With our expertise in end-to-end dispute management, we look forward to helping banks operate more efficiently and increase customer satisfaction. We are proud to be at the forefront of innovative, technology-driven solutions that have the potential to transform dispute management in the banking industry.”
“For nearly a year, Cognizant has been instrumental in helping TDECU provide secure, scalable, redundant, and infrastructure support for our Members and employees. As we look to the future, the collaboration between Cognizant and ServiceNow holds the potential to make a significant impact on the financial services industry,” said Ashish Chopra, Chief Information Officer of TDECU (Texas Dow Employees Credit Union). “Customers would benefit greatly from a streamlined and simplified dispute resolution process powered by AI. We look forward to seeing the positive changes this solution will bring to the industry.”
SOURCE: Cognizant