Visa to Use ServiceNow Dispute Management Tools
Visa plans to use the ServiceNow Dispute Management, Built with Visa solution to further streamline payment card dispute resolutions for clients and help issuers meet compliance requirements.
The company will use the solution to power its Visa Dispute Management Service (VDMS) and Visa DPS Dispute Analysis and Support (DAS), the companies said in a Wednesday (Jan. 29) press release.
“Harnessing the advanced capabilities of ServiceNow’s platform will improve how we manage disputes for issuers,” Neil Mumm, senior vice president and general manager at Visa DPS, said in the release. “This engagement should accelerate the dispute resolution process, offering an unmatched level of service and speed to customers, building on the enhanced risk and compliance capabilities within our global managed dispute framework.”
The ServiceNow platform includes artificial intelligence (AI) capabilities that help solve dispute issues by optimizing the efficiency of contact centers and accelerating employee productivity, according to the release.
Together, ServiceNow and Visa will continue to work to improve the dispute resolution process to help the financial services industry meet the challenges presented by the rising volume of disputes, the release said.
“Banks worldwide are using ServiceNow to deliver frictionless, AI-powered customer experiences, ranging from onboarding and daily servicing to resolving disputes,” Vidya Balakrishnan, vice president and general manager, financial services industry at ServiceNow, said in the release. “Our AI Platform for Business Transformation is designed to help banks expand customer relationships and drive growth, all while cutting bottom-line costs.”
This new agreement builds upon a five-year strategic agreement between the two companies that was announced last year, in which they aim to “transform payment services” and launch this dispute resolution solution for issuers, per the release.
Card disputes are friction points that represent critical moments that can either cement or destroy customer loyalty, according to the PYMNTS Intelligence and Banyan collaboration, “How Card Disputes Are an Opportunity to Cultivate Customer Loyalty.”
The report found that 52% of consumers said speedy processing of a card charge dispute is a key reason they were satisfied with its resolution. Fifty percent highlighted the importance of accessible customer service. Among frequent card users, 86% said they were likely to continue using cards that efficiently handled their disputes.
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