Cognizant, in collaboration with ServiceNow, has introduced an artificial intelligence (AI)-driven solution designed to enhance dispute management for mid-market banks in North America.
The new Business Process as a Service (BPaaS) offering aims to streamline the resolution of disputes, thereby boosting customer satisfaction and reducing operational challenges.
According to Cognizant, mid-market banks frequently encounter difficulties in handling customer disputes due to fragmented systems and operational inefficiencies. This can lead to customer dissatisfaction, chargeback losses, and compliance issues.
Cognizant senior vice president and banking, capital markets, insurance and strategic initiatives business unit head Nageswar Cherukupalli said: “We are pleased to strengthen our partnership with ServiceNow and empower mid-market banks with AI-powered technology and operations.
“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.”
The joint solution from Cognizant and ServiceNow utilises advanced dispute management technology and generative AI to address these challenges. It facilitates effective dispute management through automated workflows and multi-channel intake, requiring minimal manual intervention, said Cognizant.
Key features of the solution include multi-channel platforms for receiving customer disputes via mobile, web, and customer relationship management (CRM) systems. It incorporates sentiment analysis using voice and text, along with automation and straight-through processing (STP) for efficiency.
A workflow data fabric is employed for business intelligence (BI) and analytical reporting, alongside workload recovery prediction analytics. Additionally, automated frameworks are used for generating communication via letters and emails.
ServiceNow’s Disputes Management system, developed in collaboration with Visa, aims to accelerate dispute resolution, ensure compliance, and enhance cardholder experiences through a unified AI-powered work orchestration layer.
This system streamlines communication across teams and technologies while ensuring faster response times through digital receipts. Compliance is maintained by embedding rules aligned with Reg E and Reg Z into the workflows.
The solution is also said to provide internal dispute teams with comprehensive data transparency through 360º views of transactions. A single portal is available for merchants, acquirers, and issuing banks to expedite resolutions.
ServiceNow global partner acceleration vice president Binoy Gosalia said: “Cognizant’s domain expertise in financial services and deep ServiceNow technical experience are essential to expanding the ServiceNow Disputes Management product offering to new market segments.
“We are thrilled to partner with Cognizant to bring flexible and highly compliant AI-driven CX capabilities to banking customers who have long been constrained by outdated and architecturally rigid solutions.”
