Finscend’s Bank Dispute Platform Is Exactly What Consumers Want

Finscend’s Bank Dispute Platform Is Exactly What Consumers Want

This past week Forbes published an article that referred to a couple of revealing surveys of how consumers and business executives, including bankers, view artificial information (AI). And everything they say dovetails neatly with Finscend’s own message – that our Bank Dispute Platform (BDP) provides an ideal solution for both cardholders and their banks.  

We’ll begin with the “2019 CGS Customer Service Chatbots & Channels Survey,” released late last year. It reported that 86% of consumers prefer to interact with a real-life human being when they call a merchant or customer support. Moreover, 71% would be less likely to patronize a merchant who does not employ live customer service representatives. Only 30% believe that chatbots, recorded instructions and virtual assistants make it easier to address their issues. In other words, as the article notes, “most consumers want human engagement in many of their transactions, no matter how much automation is involved.”

With one exception.

What happens when a human being on the other end of the line can’t help the consumer? Consumers don’t want to wait. They don’t want to press 2 or 3 and then find out that they reached the wrong extension. Nor do they want to be put on hold. They want a simple, user-friendly way to register their issue and be done with it.

When that moment comes, therefore, people instinctively prefer an alternative that employs technologies, not humans. Today, the technologies of choice incorporate artificial intelligence, machine learning and automation.

But the consumer isn’t the only one who benefits from artificial intelligence, machine learning and automation. Forbes notes that technology frees bank employees from the “need to furiously type notes and query databases and CRM systems” and, instead, focus exclusively on improving customer service.

Finscend’s BDP is precisely designed for this dynamic. Powered by artificial intelligence and machine learning, BDP automates credit card dispute processing by cutting the time required to onboard a dispute from three hours to just a few minutes. Moreover, cardholders onboard their own disputes themselves from their smartphones. And thereafter they can monitor the progress of their disputes in real time. There is no need to speak to any bank employee, no pressing 2 or 3 and no time wasted by being put on hold.

The bank’s own role in the process is also expedited. After analyzing the data submitted by the cardholder, BDP calculates a predictive score that informs the bank whether the dispute is justified or not.

Finscend’s BDP is not only what cardholders want. It’s also what banks need.