Cognizant has partnered with ServiceNow to launch an AI-powered dispute management solution designed for mid-market banks in North America. This Business Process as a Service (BPaaS) offering streamlines the dispute resolution process, enhances customer satisfaction, and helps banks reduce chargeback losses while ensuring regulatory compliance. With fragmented systems, operational inefficiencies, and high customer dissatisfaction, mid-market banks face significant challenges in dispute resolution. Cognizant’s AI-driven solution integrates ServiceNow’s dispute management technology with advanced automation, analytics, and multi-channel intake, ensuring faster, more efficient resolutions with minimal manual intervention.
Features of the AI-Powered Dispute Management Solution
1. Multi-Channel Dispute Intake
- Customers can submit disputes via mobile apps, web platforms, and CRM systems.
- Omnichannel support ensures seamless data capture and workflow automation.
2. AI-Powered Customer Sentiment Analysis
- Uses voice and text analytics to assess customer emotions and categorize dispute urgency.
- Enhances customer experience through proactive engagement and personalized support.
3. Intelligent Automation & Straight-Through Processing (STP)
- Reduces manual intervention by automating dispute workflows.
- Increases operational efficiency and ensures faster dispute resolution.
4. Workflow Data Fabric for Business Intelligence (BI) & Analytics
- Provides real-time insights for dispute trends, resolution efficiency, and compliance tracking.
- Enhances decision-making through predictive analytics.
5. Predictive Workload & Recovery Analytics
- Uses AI models to forecast case volumes, resource allocation, and chargeback risks.
- Improves workforce management for better efficiency.
6. Automated Communication & Compliance Frameworks
- AI-driven letter and email generation ensures accurate and timely customer communication.
- Reduces compliance risks by maintaining audit-ready documentation.
Industry Leaders on the AI-Powered Solution
Nageswar Cherukupalli, Senior VP at Cognizant, emphasized the company’s commitment to leveraging AI to enhance banking efficiency:
“We are pleased to strengthen our partnership with ServiceNow and empower mid-market banks with AI-powered technology and operations. Our expertise in dispute management will help banks operate efficiently and enhance customer trust.”
Ashish Chopra, CIO of TDECU, highlighted the real-world impact of AI-driven dispute resolution:
“Cognizant has been instrumental in providing secure and scalable infrastructure for TDECU. The AI-powered dispute resolution process holds great potential for improving customer experience in financial services.”
Binoy Gosalia, VP at ServiceNow, underscored the partnership’s impact on digital transformation in banking:
“Cognizant’s financial services expertise, combined with our technology, expands the ServiceNow Dispute Management offering to new market segments. Together, we are enabling banks to deliver superior AI-driven customer experiences.”
The collaboration between Cognizant and ServiceNow marks a transformative shift in dispute management for mid-market banks. With AI-powered automation, predictive analytics, and multi-channel capabilities, banks can now enhance efficiency, compliance, and customer satisfaction—reducing chargeback losses and ensuring faster resolutions.
This AI-driven BPaaS solution is set to redefine financial dispute resolution, offering a scalable, future-ready approach to handling customer disputes with precision and efficiency.
