Cognizant and ServiceNow Launch AI-Powered Dispute Management Solution for Mid-Market Banks
Rhea-AI Summary
Cognizant (CTSH) has partnered with ServiceNow (NOW) to launch an AI-powered dispute management solution specifically designed for mid-market banks in North America. The Business Process as a Service (BPaaS) offering aims to streamline dispute resolution processes and enhance customer satisfaction.
The solution addresses key challenges faced by mid-market banks, including fragmented systems, operational inefficiencies, customer dissatisfaction, chargeback losses, and regulatory compliance. It features:
- Multi-channel dispute intake (mobile, web, CRM systems)
- Customer sentiment analysis
- Automated workflows and Straight-Through Processing
- Workflow data fabric for Business Intelligence
- Workload prediction analytics
- Automated communication frameworks
TDECU's CIO Ashish Chopra endorsed the solution, highlighting its potential impact on the financial services industry.
Positive
- Strategic partnership with ServiceNow expands Cognizant's financial services offerings
- Solution addresses specific market need in mid-market banking sector
- Potential for reduced operational costs through automation and AI integration
- Early positive feedback from existing client (TDECU)
Negative
- to mid-market banks in North America only
- Success metrics and ROI data not yet available
News Market Reaction 1 Alert
On the day this news was published, CTSH declined 0.35%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The BPaaS solution is designed to streamline the dispute resolution process and enhance customer satisfaction
Mid-market banks struggle with managing customer disputes due to fragmented systems, operational inefficiencies, customer dissatisfaction, chargeback losses, and regulatory compliance. By combining ServiceNow's advanced dispute management technology with Cognizant's expertise in end-to-end dispute management, the new BPaaS solution aims to improve mid-market banks' ability to manage disputes effectively, reduce chargeback losses, and maintain customer trust. The solution leverages generative AI, highly automated workflows, and multi-channel intake to streamline dispute resolution with minimal manual intervention.
Some key features of the dispute management solution include:
- Multiple channels to intake customer disputes (mobile, web, and CRM systems)
- Customer sentiment analysis using voice and text
- Automation and Straight-Through Processing (STP) for operational efficiency
- Workflow data fabric for Business Intelligence (BI) and analytical reporting
- Workload and recovery prediction analytics
- Automated communication frameworks for letter and email generation
"We are pleased to strengthen our partnership with ServiceNow and empower mid-market banks with AI-powered technology and operations," said Nageswar Cherukupalli, Senior Vice President and Business Unit Head of Banking, Capital Markets, Insurance and Strategic Initiatives, of Cognizant. "With our expertise in end-to-end dispute management, we look forward to helping banks operate more efficiently and increase customer satisfaction. We are proud to be at the forefront of innovative, technology-driven solutions that have the potential to transform dispute management in the banking industry."
"For nearly a year, Cognizant has been instrumental in helping TDECU provide secure, scalable, redundant, and infrastructure support for our Members and employees. As we look to the future, the collaboration between Cognizant and ServiceNow holds the potential to make a significant impact on the financial services industry," said Ashish Chopra, Chief Information Officer of TDECU (Texas Dow Employees Credit Union). "Customers would benefit greatly from a streamlined and simplified dispute resolution process powered by AI. We look forward to seeing the positive changes this solution will bring to the industry."
"Cognizant's domain expertise in financial services and deep ServiceNow technical experience are essential to expanding the ServiceNow Disputes Management product offering to new market segments," said Binoy Gosalia, VP, Global Partner Acceleration, of ServiceNow. "We are thrilled to partner with Cognizant to bring flexible and highly compliant AI-driven CX capabilities to banking customers who have long been constrained by outdated and architecturally rigid solutions."
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant.
ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in
For more information, contact:
Katrina Cheung
Katrina.Cheung@Cognizant.com
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SOURCE Cognizant Technology Solutions Corporation
FAQ
What are the key features of Cognizant's new AI-powered dispute management solution for banks?
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