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Cognizant and ServiceNow's Groundbreaking AI Dispute Management Solution

In a significant move aimed at transforming the banking industry's approach to conflict resolution, Cognizant has partnered with ServiceNow to unveil an advanced AI-powered dispute management solution. Specifically tailored for mid-market banks in North America, this innovative solution harnesses cutting-edge technology to streamline operations and improve customer satisfaction.

The Challenge Faced by Mid-Market Banks

Mid-market banks often grapple with the complexities of managing customer disputes effectively. Issues such as fragmented systems, operational inefficiencies, and customer dissatisfaction can lead to significant chargeback losses and difficulties in regulatory compliance. These challenges make it imperative for banks to adopt more efficient and adaptive solutions to enhance their service offerings.

What the New Solution Offers

The newly launched Business Process as a Service (BPaaS) solution aims to tackle these challenges head-on. By combining ServiceNow’s advanced technology with Cognizant's comprehensive expertise in dispute management, the solution promises a more effective operational framework for banks. Some of the key features include:

• - Multi-Channel Intake: Customers can submit disputes through various channels, including mobile, web interfaces, and CRM systems, ensuring accessibility and convenience.
• - Sentiment Analysis: Advanced analytics processes voice and text data to gauge customer sentiments, providing valuable insights for banks.
• - Automation and Efficiency: Leveraging Straight-Through Processing (STP), the solution enhances operational efficiency by minimizing manual intervention.
• - Analytical Reporting: A robust data fabric supports Business Intelligence (BI) and detailed analytics, aiding banks in making informed decisions.
• - Predictive Analytics: The system offers insights into workload and recovery predictions, helping banks foresee and manage disputes more effectively.
• - Automated Communications: The solution includes frameworks for automated communications, simplifying the generation of letters and emails related to disputes.

A Word from Cognizant

Nageswar Cherukupalli, Cognizant's Senior Vice President and Business Unit Head, remarked, “We are excited to reinforce our partnership with ServiceNow and provide mid-market banks with refined operations powered by AI. Our mission is to enable banks to operate more efficiently while elevating customer satisfaction standards.