Cognizant and ServiceNow Launch AI-Powered Dispute Management Solution for Mid-Market Banks

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On Fri, 28 Mar, 12:06 AM UTC

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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 and ServiceNow Unveil AI-Powered Dispute Management Solution

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.

Addressing Mid-Market Banking Challenges

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.

Key Features of the AI-Powered Solution

The dispute management solution leverages cutting-edge technologies to streamline operations:

  1. Generative AI and Automation: The system employs generative AI and highly automated workflows to minimize manual intervention in dispute resolution 12.

  2. Multi-Channel Intake: Customers can submit disputes through various channels, including mobile, web, and CRM systems 1.

  3. Customer Sentiment Analysis: The solution analyzes customer sentiment using voice and text data 1.

  4. Straight-Through Processing (STP): This feature enhances operational efficiency 1.

  5. 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.

  6. Automated Communication: An automated framework generates letters and emails to streamline customer communication 1.

Industry Impact and Expert Opinions

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.

Market Response and Future Outlook

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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