The Xanadu release includes several notable developments to Financial Services Operations for Banking, including generative AI purpose-built to improve one of the most critical banking processes.
Accelerate dispute resolution with generative AI
Now Assist for Financial Services Operations: Dispute summarization:
Now Assist for Financial Services Operations: Dispute summarization uses generative AI to rapidly create dispute case summaries, providing dispute agents with pivotal context to quickly understand case details.
Financial institutions are facing the severe challenge of significantly increasing dispute volumes and insufficient technology to handle those disputes efficiently and effectively. As banks aim to drive growth, increase productivity, and deliver frictionless customer experiences, it becomes very challenging to deliver without appropriate processes in place to handle disputes. Poor dispute handling leads to banking customer relationships becoming strained.
Now Assist for Financial Services Operations: Dispute summarization allows financial institutions to:
- Minimize ambiguity with pivotal context through clear, succinct case summaries.
- Improve customer satisfaction with better informed agents and faster dispute resolution.
- Lessen manual work and improve productivity through automation of time-consuming tasks.
- Promote collaboration and seamless hand-offs amongst agents by automatically providing role-specific case details.
Help prevent chargebacks with early resolution
Verifi integration: Cardholder Dispute Resolution Network:
As we continue to build our offerings in the disputes space and the already deep functionality of ServiceNow Disputes Management, Built with Visa, the Xanadu release is extending the capabilities for issuing banks to resolve a dispute before it actually becomes a dispute, using Verifi Cardholder Dispute Resolution Network (CDRN). In past releases, our focus was on dispute deflection and then resolving the dispute once it was initiated. Here, through our integration with CDRN, we can address disputes at any point of the lifecycle, including avoiding them entirely.
As we mentioned earlier, financial institutions are facing the severe challenge of significantly increasing dispute volumes and insufficient technology to properly handle those disputes. One major impact of these rising dispute volumes has been a spike in contact center volumes, causing contact centers to become overwhelmed and unable to appropriately manage the large number of dispute cases. Not only does this inability to keep up with dispute volumes negatively impact employees and make it difficult for an organization to succeed, it also negatively impacts customers, who can’t get the service and resolution they seek. In the Xanadu release, we set out to provide financial organizations with ways to rectify these pressing business challenges.
With ServiceNow Dispute Management, Built with Visa’s integration with Verifi: Cardholder Dispute Resolution Network, issuing banks can recognize some really meaningful benefits, including:
- Activate pre-dispute resolution to minimize chargebacks and the associated costs.
- Alert merchants with real-time notifications to promptly respond to and resolve disputes, reducing costly fees, fines, and loss of processing privileges.
- Conserve time and money by eliminating future disputes on recurring transactions.
- Improve customer satisfaction and trust by allowing them to bypass the disputes process with pre-dispute resolution.
- Reduce the burden on overwhelmed contact centers by preventing disputes from the start, therefore removing the need for customers to call in and file a dispute.
Verifi integration: Cardholder Dispute Resolution Network is available as part of Financial Services Operations Built with Visa
Embed auto-updated rules in disputes process
Dispute rules content pack for Visa:
The second enhancement to ServiceNow Disputes Management, Built with Visa as part of Xanadu is the Dispute rules content pack for Visa, which has been updated for the October rules changes. The Dispute Rules Content Pack for Visa leverages questionnaires and mappings to ensure the proper categorization and processing of disputes.
About every 6-months, to ensure quality customer experiences, updates to questionnaires, integrations, and Visa rules are published. It is extremely costly and time consuming for financial institutions to reconfigure their internal legacy processes to adhere to these updated rules. With ServiceNow Disputes Management, Built with Visa, and Dispute Rules Content Pack for Visa, financial institutions no longer have to worry about adhering to these twice a year updates.
ServiceNow has incorporated Visa rules and ServiceNow workflow functionality into one convenient workstream, with thousands of rules built into the data model. The Xanadu release offers the most recent updates to these rules to allow financial institutions to:
- Leverage proactive dispute resolution and the automated assignment of reason codes to deflect unnecessary disputes and drive faster resolutions of valid disputes.
- Reduce IT costs on Visa updates and allow for efficient dispute resolution and fraud management with pre-configured integration and one workflow solution that includes an intake questionnaire, Visa reason code mapping, chargeback eligibility rules, and built-in ongoing rules maintenance.
- Remain audit-ready and compliant by embedding rules and SLAs aligned to Regulation E and Regulation Z directly into dispute workflows and create an end-to-end audit trail.
- Improve operational agility and speed to value by seamlessly deploying additional Visa services as needed.
Dispute rules content pack for Visa is available as part of Financial Services Operations Built with Visa
Embed auto-updated rules in your disputes process
Dispute rules content pack for Mastercard:
As we understand most banks are using multiple cards, as of the Xanadu release, we now also offer the Dispute rules content pack for Mastercard, as part of Financial Services Operations for Banking’s integration with Mastercard. ServiceNow has incorporated Mastercard rules and ServiceNow workflow functionality into one convenient workstream, with thousands of rules built into the data model. This expands our capabilities in the card disputes space, as we already have deep functionality with Visa as detailed above.
Dispute rules content pack for Mastercard eliminates the need for financial institutions to struggle with manual and costly updates to Mastercard rules, questionnaires, and guidelines one to two times per year. It offers Mastercard intake questionnaires, Mastercard reason code mapping, and Mastercard chargeback eligibility rules all within one workflow. Ongoing rules maintenance is also built-in, providing organizations with the peace of mind that their data is current and will allow for efficient, accurate, and compliant disputes and fraud management. Some key benefits this can bring financial institutions are:
- Deflect unnecessary disputes and quickly resolve valid disputes through pre-built, robust questionnaires and reason code mapping tied directly to Mastercard rules.
- Minimize updates to Mastercard rules with pre-configured integration and built-in ongoing rules maintenance.
- Improve operational agility and speed to value by easily deploying additional Mastercard services as needed.
Improve experiences with self-service and intuitive dispute intake
Cardholder dispute portal:
An upgrade to the Card Operations application, Cardholder dispute portal provides a user-friendly playbook on an intuitive portal for customers to submit a dispute with self-service. Dispute selection and a cardholder questionnaire make it easy for customers to provide all essential details, which are then immediately accessible for dispute agents to review and process. This provides customers with efficient dispute submission and the convenient self-service they desire, while also greatly reducing contact center volumes for the bank.
Inevitable in the combination of increased dispute volumes and lack of sufficient technology comes overwhelmed contact centers and efficiency obstacles. As a result, the Xanadu release placed a strong focus on developments that would ease that burden.
In addition to some of the developments highlighted above, Cardholder dispute portal is another tool banks can utilize to improve a few pivotal areas, such as:
- Reduce contact center volumes by allowing customers to initiate a dispute and easily track its progress through a user-friendly, self-service portal.
- Expedite dispute submission and resolution with cardholder questionnaire that provides agents with sufficient details at the start.
- Improve customer experience through reduced back and forth with agents and transparent status visibility.
Help maintain compliance through automation and real-time data
Dispute content pack for US regulations:
Regulation E and Regulation Z are two regulations that are essential for financial institutions to remain in compliance with. Failure to comply with Regulation E and Regulation Z is likely to result in substantial fines, potential lawsuits from customers, stricter oversight, and reputational damage.
With rules and regulations frequently evolving, it is challenging for financial institutions to remain up to date with these rules and regulations and remain in compliance. Without Regulation E and Regulation Z rules and SLA requirements embedded directly into workflows, it is very easy for financial institutions to fall out of compliance and become subject the negative consequences mentioned above.
Dispute content pack for US regulations helps to ensure compliance with Regulation E and Regulation Z through real-time tracking of disputes and automated correspondence. Our expanded Regulation E and Regulation Z compliance coverage features include: (1) Pre-built email templates with in-process triggers aligned to these regulation requirements. These pre-built email templates are built directly into our process flow to automatically alert customers via email, keeping customers informed and banks compliant. (2) Fields within the playbook to conveniently refund fees and interest. These fields look at the disputed amount and make it easy for the dispute agent to input any refunds for interest and/or fees charged during the time of the dispute.
The rules and regulations space for financial institutions is fairly complex and rapidly evolving, and as a result, institutions need real-time, dependable data and automation to remain compliant, keep customers informed, and maintain a strong reputation. Dispute content pack for US regulations allows financial institutions to:
- Ensure the timely resolution of high priority disputes through automated prioritization, tracking, and reporting.
- Remain compliant and provide customers with dispute status visibility through email templates complete with in-process triggers aligned to regulation requirements.
- Refund fees and interest to customers via fields within playbook to ensure dispute agents provide refunds when appropriate. These fields look at the disputed amount and make it easy to input refunds for interest and/or fees charged during the time of the dispute.
- Embed Regulation E and Regulation Z rules and SLA requirements directly into workflows to remain compliant and avoid the fees, penalties, and reputational damage that comes with falling out of compliance.
Learn more:
In addition to these key enhancements, banking customers also benefit from additional new and impactful features released in our Customer Service Management product. To learn more about these features, check out the Customer Service Management blog.
To learn more about our offering with Visa, please visit the ServiceNow Disputes Management, Built with Visa page.
For more information on Financial Services Operations, visit the product page.
