Fintech trailblazer's AI-powered dispute resolution technology was developed in response to feedback from 700+ banks in 150+ countries
TEL AVIV, Israel, June 11, 2019 /PRNewswire/ -- Finscend, whose AI-driven Bank Dispute Platform (BDP) automates and streamlines the credit card dispute process, will not only save banks and consumers' time, but also cut processing costs by up to 25%. By analyzing dispute processes globally, Finscend has revealed how challenging it is for banks and consumers to navigate the current dispute process, and how its automated system can benefit everyone.
The credit card dispute process costs the top 15 American banks over $3 billion annually due to deficiencies in standardization, knowledge, software, and customer service. That, of course, is just a fraction of what all financial institutions worldwide currently lose. By analyzing feedback it received from more than 700 banks around the globe, Finscend identified the shortcomings that generate those loses.
In Q1 of this year, Finscend reviewed the dispute processes of the banks it its survey and found that although the Visa dispute process should take 30 days from submission of the initial complaint to resolution, on average it actually takes approximately three times as long. In the UK, the dispute process takes even more time ‒ over 100 days. The primary reason why this occurs is that the process is mainly conducted manually. By harnessing AI to replace subjective criteria with objective criteria, Finscend developed a solution that overcomes service gaps while cutting dispute processing costs by up to 25%.
BDP accomplishes this by:
- Providing an end-to-end solution for the credit card dispute process that connect all necessary data points
- Streamlining the waiting time by automating all requests, items of documentation, and resolutions
- Incorporating a "Dispute or Not" (DoN) AI-assisted predictive scoring model, which interprets the data and standardizes the entire process
In addition, BDP features real-time reporting, batch processing, fraud monitoring, and employs proprietary tools to ensure that it integrates seamlessly within the banking ecosystem by working in tandem with Visa® and Mastercard® schemes.
"Finscend will save banks and consumers from the ongoing pain they currently experience in the dispute process," said Finscend CEO Aaron Lazor. "Cardholders will now be confident that if they ever fall victim to fraud or scams, it will be easier to raise a dispute and receive a chargeback," he adds. "Finscend has identified and simplified the dispute resolution bottleneck and the platform will become even more crucial in the years ahead as transactions become increasingly cashless."
Finscend's Banking Dispute Platform (BDP), which was introduced in 2018, is the most technologically advanced solution of its kind. BDP was conceived and designed for banks, other financial institutions and credit card issuers by financial industry veterans who have a first-hand professional understanding of the challenges of dispute resolution. The core of this unique solution is an AI-driven engine that streamlines the entire dispute process by offering real-time reporting, batch processing, fraud monitoring, and an enterprise user account area. BDP employs proprietary tools to ensure that it integrates seamlessly within the banking ecosystem, and it works in tandem with Visa and Mastercard schemes. By deploying BDP, banks can reduce the costs of chargebacks by an estimated 25 percent and significantly increase cardholder satisfaction.
Media Relations Manager
Related Links :