Cognizant (Nasdaq: CTSH) has partnered with ServiceNow (NYSE: NOW) to introduce an AI-driven Business Process as a Service (BPaaS) solution designed to help mid-market banks in North America optimize their dispute management processes. This innovative platform leverages artificial intelligence, automation, and data analytics to enhance efficiency, compliance, and customer satisfaction.
Many mid-market banks face challenges with manual dispute processing, fragmented systems, regulatory complexities, and customer dissatisfaction due to delayed resolutions. By integrating ServiceNow’s cutting-edge dispute management technology with Cognizant’s expertise in banking operations, this new AI-powered BPaaS solution aims to
✅ Streamline dispute resolution with minimal manual intervention
✅ Reduce chargeback losses through automation and predictive analytics
✅ Enhance customer experience with faster dispute handling and real-time communication
✅ Ensure regulatory compliance with built-in compliance frameworks
Key Features of the AI-Powered Dispute Management Solution:
📌 Omnichannel Dispute Intake: Accepts disputes via mobile apps, web portals, and CRM systems.
📌 AI-Powered Sentiment Analysis: Analyzes customer emotions in voice and text to prioritize cases efficiently.
📌 Straight-Through Processing (STP): Automates workflows to minimize manual touchpoints and increase speed.
📌 Advanced Business Intelligence (BI): Provides real-time reporting and analytics for better decision-making.
📌 Workload & Recovery Prediction: Uses predictive analytics to optimize dispute resolution workflows.
📌 Automated Customer Communication: Generates and sends letters and emails for seamless customer updates.
“We are excited to strengthen our collaboration with ServiceNow to empower mid-market banks with AI-driven dispute resolution capabilities. Our expertise in end-to-end dispute management will help banks enhance operational efficiency and improve customer satisfaction. This partnership represents a significant step in transforming dispute resolution for financial institutions.”
— Nageswar Cherukupalli, Senior VP & Business Unit Head, Cognizant
Texas Dow Employees Credit Union (TDECU), a longtime Cognizant partner, highlighted the impact of this technology on financial services:
“For nearly a year, Cognizant has helped TDECU enhance security, scalability, and infrastructure support for our members. This new AI-powered solution has the potential to revolutionize dispute resolution, benefiting both banks and their customers.”
— Ashish Chopra, Chief Information Officer, TDECU
ServiceNow echoed this enthusiasm:
“Cognizant’s expertise in financial services and deep technical knowledge of ServiceNow’s Dispute Management platform enable us to bring scalable, compliant, and AI-powered solutions to mid-market banks. We are thrilled to partner with Cognizant to modernize dispute resolution and improve customer experiences.”
— Binoy Gosalia, VP, Global Partner Acceleration, ServiceNow
With AI-driven automation, compliance, and data-driven insights, this next-gen dispute resolution solution sets a new standard for mid-market banks looking to enhance customer trust, optimize operations, and reduce financial risks.
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