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In today’s world, card related transactions have increased multi fold and the volume is only going to increase with time. This has also led to an increase in disputed transactions. Financial intuitions (FIs) are under immense pressure given the already stretched resolution processes and the added cost burden of resolving them. Given the current scenario, FIs need to look at solutions to stabilize the cost of processing disputes to retain the competitive edge and yet be able to engage with the cardholder to strengthen trust.
Seamless dispute management, therefore, requires access to the right skills, adherence to timelines from network operators and central banks, managing of multiple threads, and ensuring financial entries for each step. Additionally, it requires financial institutions to maintain constant communication with the customers every step of the way. Some of the ways the disputes can be resolved are:
Another technique that can be used is combining the rule-based engine with NLP-based chatbots and network operator’s rules to create a unique automated solution for FIs to seamlessly collect transaction related data, determine the nature of dispute and the merits of the case, as well as collect relevant documents from the customer in real time through digital channels.
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