Dispute management as a service

Fraud attacks are on the rise in today's digital age, resulting in increasing volumes of payment disputes. It's time for organizations in banking and capital markets to adopt an AI-led, customer-centric, digital-first strategy for seamless and efficient dispute management.

Genpact's dispute management as a service, built in partnership with ServiceNow, can help you reshape dispute management to drive speed, quality, and customer convenience.

With digital payments and ecommerce transactions becoming mainstream and new cyberthreats emerging every day, the volume of fraud- and payment-related disputes have surged at banking and capital market institutions.

On top of that, financial instability and economic volatility are driving an uptick in first-party frauds, further increasing dispute volumes. These concerns have heightened the demand for rapid, fair, and consistent dispute resolution.

As institutions adapt to this evolving fraud and disputes landscape, they face major challenges:

• Limited view of transaction details available to customers: A lack of transaction details on card statements can result in cardholders being unable to identify valid transactions and initiating unnecessary disputes
• Insufficient self-serve capabilities: Many financial institutions lack digital self-service offerings for customers to raise disputes or get status updates, leaving customers feeling helpless and putting a greater burden on support teams
• Manual and nonstandardized processes: Manual steps and process variations cause inefficiencies, inconsistent decisioning across agents, and high average handling times (AHTs) and turnaround times (TATs)
• Siloed systems and disconnected data: Agents spend too much time jumping between multiple systems to manage intake, investigating disputes, creating notes, communicating with cardholders, deciding disputes, and manually submitting disputes and documents to card networks
• Regulatory pressures: Regulators and card networks mandate that disputes, chargebacks, and recoveries adhere to specific rules and timelines. Missing these benchmarks escalates fraud losses, and inconsistent decision-making invites regulatory scrutiny of the organization's dispute processes
• Rising costs: Existing dispute management systems are often costly to maintain and update. Plus, operational costs grow as larger head counts are required to handle rising dispute volumes
• Inefficient resource management: Case assignment processes are often inefficient and suboptimal, resulting in manual intervention, misrouted queues, higher losses, and employee burnout
• Lack of insights: Institutions struggle to track service-level agreements (SLAs), workflow bottlenecks, and customer satisfaction across cases

While many institutions are investing in technology to digitize processes and control costs, they often fail to solve the underlying issues.

Genpact's dispute management as a service is designed to help financial institutions transform their dispute resolution process from the ground up and deliver a better experience to customers.

Genpact's dispute management as a service is a comprehensive solution that can transform operations from end to end. We do it by blending ServiceNow's AI-powered technology with Genpact's deep expertise in running dispute management operations for banks, brokerages, and fintech organizations around the globe.

Our solution supports a streamlined, intelligent case management process for dispute agents and a fast, frictionless experience for cardholders.

At the backend, the solution will help you:

• Automate and standardize dispute intake to accelerate dispute processing
• Automate disputes based on business rules for cases that do not require manual investigation of case notes and documents
• Establish a unified user interface for a 360-degree view of data from multiple systems and faster investigation of claims
• Assign disputes more effectively based on case risk and the agent's skill and capacity to better handle high volumes, reducing losses and preventing agent burnout
• Integrate with leading card networks to automate manual chargeback recovery efforts and document uploads, automatically check for merchant responses, and bring disputes to the front of the agent's queue
• Work within regulatory and card network time frames and rules for all disputes
• Capture data to analyze outcomes, ensure transparency, gain process insights, and identify fraud trends, reducing losses and handle times and improving quality
• Run automated updates for biannual rule changes from card networks, reducing costs

And at the front end, it will help you:

• Enable cardholder self-serve capabilities for initiating disputes and offering proactive status updates by utilizing preconfigured integrations with leading card networks
• Provide enriched data that helps cardholders recognize transactions without submitting a dispute
• Deliver proactive communication, driven by generative AI, to keep customers informed and engaged, increasing their trust and satisfaction
• Deploy automated customer support through AI chatbots to drive rapid customer support at intake, thus increasing call deflection to digital channels and reducing customer waiting time

With Genpact's solution, banking and capital market institutions can build a digital dispute management strategy that accelerates dispute processing, reduces costs, improves process transparency, and empowers agents and cardholders alike.

Here's a snapshot of the results we've helped clients achieve in the past with a range of partners:

• Reduced AHT and TAT through automation and systems integration
• Faster review and investigation of cases
• Up to 25% reduction in refund time
• Up to 50% reduction in operational costs through automation
• Lower fraud losses from late chargebacks and regulatory misses
• Quality outcomes with 95%+ SLAs
• Significant improvement in customer satisfaction scores
• Consistent decision-making across agents
• Standardized processes and automated documentation for audit and compliance
• High regulatory compliance due to timeline and quality adherence

Our solution is backed by more than 20 years of experience running operations, advisory, and technology services for some of the world's largest banks and fintechs.

Genpact's experts bring a unique combination of industry knowledge and user experience (UX) and human-centric design expertise, as well as ServiceNow's tech competencies. In fact, we're one of just five global systems integration partners for the ServiceNow Disputes Management platform.