Cognizant and ServiceNow introduce AI dispute management solution for banks

Cognizant has introduced an AI-powered dispute management solution in collaboration with ServiceNow, targeting mid-market banks.

This Business Process as a Service (BPaaS) offering aims to address challenges such as operational inefficiencies and customer dissatisfaction in dispute resolution, ultimately enhancing customer satisfaction.

Mid-market banks often face difficulties in managing customer disputes due to disjointed systems. The new solution integrates ServiceNow's technology with Cognizant's expertise to help these banks effectively manage disputes, reduce chargebacks, and uphold customer trust. Utilizing generative Artificial Intelligence (AI) and automated workflows, it aims to improve dispute resolution with less manual intervention.

Key features include multiple channels for dispute intake (mobile, web, CRM systems), customer sentiment analysis through voice and text, automation for operational efficiency, and workload prediction analytics.

Nageswar Cherukupalli, Cognizant’s Senior Vice President, noted, “We are pleased to strengthen our partnership with ServiceNow and empower mid-market banks with AI-powered technology and operations.” He emphasized the potential of their collaboration to facilitate efficient bank operations.

Ashish Chopra, Chief Information Officer of TDECU, expressed confidence in the partnership's capability to enhance the dispute resolution process, stating, “Customers would benefit greatly from a streamlined and simplified dispute resolution process powered by AI.”

Binoy Gosalia of ServiceNow highlighted the importance of Cognizant's domain knowledge in expanding the ServiceNow Disputes Management product to new market segments. He stated, “We are thrilled to partner with Cognizant to bring flexible and highly compliant AI-driven CX capabilities to banking customers. ”