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On Fri, 28 Mar, 12:06 AM UTC
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Cognizant and ServiceNow to deliver AI-powered dispute management for mid-market banks
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. 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. 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." "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," said Binoy Gosalia, VP, Global Partner Acceleration, of ServiceNow. "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."
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Cognizant, ServiceNow Launch AI-Driven Solution For Banking Disputes - ServiceNow (NYSE:NOW), Cognizant Tech Solns (NASDAQ:CTSH)
Cognizant Technology Solutions Corp CTSH has introduced an AI-driven dispute resolution solution in partnership with ServiceNow Inc NOW. Designed as a Business Process as a Service (BPaaS) offering, the solution was specifically developed for mid-sized banks across North America. It focuses on enhancing dispute management efficiency and elevating customer experience. Managing disputes can be challenging for mid-sized banks due to fragmented systems, inefficiencies, and dissatisfied customers. Additionally, chargeback losses and regulatory requirements add to operational complexities. Also Read: Dollar Tree To Offload Family Dollar Business For $1 Billion By combining ServiceNow's dispute management technology with Cognizant's industry expertise, the BPaaS solution aims to streamline dispute resolution and improve overall efficiency. "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 the 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." The solution uses generative AI, streamlined automation and multi-channel dispute intake to reduce the need for manual processing, enabling banks to handle customer complaints efficiently across mobile, web, and CRM platforms. Key capabilities of the dispute management solution include automation-driven processing, real-time business intelligence reporting, and predictive analytics for workload and recovery estimation. This AI-powered system aims to help banks reduce chargeback losses, improve regulatory compliance, and maintain customer trust. Price Action: CTSH shares traded lower by 0.53% at $77.44 at last check on Thursday. Read Next: Paychex Q3 Earnings: EPS Beat, Strong Margins, Paycor Deal Nears Completion And More CTSHCognizant Technology Solutions Corp$77.860.01%OverviewNOWServiceNow Inc$830.00-1.02% This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs
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Cognizant and ServiceNow have partnered to introduce an AI-driven dispute resolution system for mid-market banks in North America, aiming to streamline operations and enhance customer satisfaction.
Cognizant Technology Solutions Corp and ServiceNow Inc have joined forces to introduce an innovative AI-driven dispute resolution system tailored for mid-market banks in North America. This Business Process as a Service (BPaaS) offering aims to revolutionize the way banks handle customer disputes, addressing long-standing challenges in the financial services sector 12.
Mid-market banks have long grappled with issues stemming from fragmented systems, operational inefficiencies, and customer dissatisfaction. These challenges, coupled with the complexities of chargeback losses and regulatory compliance, have created a pressing need for a comprehensive solution 1.
The new BPaaS offering combines ServiceNow's advanced dispute management technology with Cognizant's expertise in end-to-end dispute management. This synergy promises to enhance mid-market banks' ability to manage disputes effectively, reduce chargeback losses, and maintain customer trust 1.
The dispute management solution leverages cutting-edge technologies to streamline operations:
Generative AI and Automation: The system employs generative AI and highly automated workflows to minimize manual intervention in dispute resolution 12.
Multi-Channel Intake: Customers can submit disputes through various channels, including mobile, web, and CRM systems 1.
Customer Sentiment Analysis: The solution analyzes customer sentiment using voice and text data 1.
Straight-Through Processing (STP): This feature enhances operational efficiency 1.
Advanced Analytics: The system includes workload and recovery prediction analytics, as well as a workflow data fabric for Business Intelligence (BI) and analytical reporting 12.
Automated Communication: An automated framework generates letters and emails to streamline customer communication 1.
Nageswar Cherukupalli, Senior Vice President at Cognizant, expressed enthusiasm about the partnership, stating, "We are pleased to strengthen our partnership with ServiceNow and empower mid-market banks with AI-powered technology and operations" 1.
Ashish Chopra, Chief Information Officer of Texas Dow Employees Credit Union (TDECU), highlighted the potential impact on the financial services industry, noting, "Customers would benefit greatly from a streamlined and simplified dispute resolution process powered by AI" 12.
Binoy Gosalia, VP of Global Partner Acceleration at ServiceNow, emphasized the importance of Cognizant's domain expertise in expanding ServiceNow's Disputes Management product offering to new market segments 1.
While the announcement has generated significant interest in the financial technology sector, the immediate market response has been mixed. Cognizant's stock (NASDAQ: CTSH) saw a slight decline of 0.53%, trading at $77.44 as of the last check on Thursday 2.
As the solution rolls out, industry observers will be closely monitoring its adoption rate among mid-market banks and its potential to transform dispute management practices in the banking sector. The success of this AI-powered system could pave the way for similar innovations across the financial services industry, potentially reshaping customer service standards and operational efficiencies in the coming years.
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