In one of our previous articles, we delved into the complexities of ServiceNow Disputes Management, taking a close look at its robust framework designed to streamline and enhance the handling of disputes. This powerful platform, developed in collaboration with Visa, empowers financial services organizations to navigate disputes with greater agility and precision. Today, we turn our focus to the tangible advantages offered by ServiceNow Disputes Management. From reducing fraud to staying audit-ready, we will examine six key benefits that position this solution as a game changer for businesses facing the challenges of resolving disputes in transactions. Whether you are a decision maker considering the potential of this platform or an end user looking to optimize dispute processes—understanding these advantages is essential for leveraging the capabilities of ServiceNow Disputes Management.
6 Key Benefits of ServiceNow Disputes Management, Built with Visa
- Delight Cardholders and Reduce Fraud
Time is money when dealing with cardholder disputes. ServiceNow Disputes Management processes help to improve resolution times by using digital receipts that enable you to speed up and direct responses to cardholder inquiries. In addition to leaving customers overjoyed, organizations benefit from the quick automation of this automated dispute tool and are therefore able to stifle fraud cases significantly. This fast resolution enhances customer trust and satisfaction, which in turn encourages wider usage of services, leading to a loyal customer base.
- Stay Audit-Ready
An integral component of financial operations is compliance. ServiceNow provides an extensive framework allowing the embedding of certain rules including Service Level Agreements (SLAs) which can be aligned with regulatory standards like Regulation E or Regulation Z. Embedding these compliance protocols into dispute workflows ensures businesses are always prepared for an audit. Additionally, the platform results in a tamper-proof, end-to-end audit trail that gives customers and regulators peace of mind knowing creators can be held accountable.
- Improve Dispute Resolution
It is essential to have some form of transparency in data for proper dispute resolution. When dealing with disputes, ServiceNow Disputes Management makes sure that internal teams have complete 360-degree visibility into all customer transactions. This all-round data visibility gives the dispute resolution agents the information they need to resolve complaints promptly and accurately. This enables organizations to resolve disputes faster and provide an improved cardholder experience in all aspects of the resolution process by getting rid of information silos.
- Align Payment Process Stakeholders
The process of dispute resolution requires involvement from several parties such as merchants, acquirers, and issuing banks. This alignment is provided through a common dispute portal on one platform from ServiceNow. A single source of truth eliminates any discrepancies between stakeholders and ensures all parties in an engagement have the same information to process, which speeds up resolution time. When communication and collaboration are optimized, the time taken to resolve disputes is dramatically reduced, meaning fewer headaches for everyone involved.
- Build a Digital Dispute Foundation
Given the influence of digital technology on our lives, businesses need to be dynamic if they hope to meet changing consumer demands. A common user experience built directly for Visa Cardholders throughout your organization, ServiceNow Disputes Management lays the foundation of a frictionless digital dispute journey. Not only does this integration make the dispute management process easier, but it also helps businesses to ensure consistency in dealing with disputes on all-time models and channels.
- Redefine Services with Generative AI
The Gen AI feature of ServiceNow Disputes Management utilizes the case summary to “power” customer intake processes and agent investigations. With AI in action, agents are sure to work less and settle issues more (because they get their time saved justified, as sorting out compliances is better than skimming through tons of data). Therefore, organizations can deliver better services and create a more participative customer experience which should result in increased satisfaction of the customers who will come back again next time.
Conclusion
ServiceNow Disputes Management built in partnership with Visa is the complete and automatic solution to manage dispute management complexities. It helps organizations resolve disputes faster and with better outcomes by improving visibility, aligning all stakeholders, and reducing fraud. Whether it’s reducing compliance burden, delivering a frictionless and truly digital experience for your customers, or optimizing the process using AI; ServiceNow Disputes Management redefines how disputes should be solved. With the flexibility to accommodate any new business requirements, anything can be managed on-platform and over time—one responsible step at a time ensures that businesses are not just keeping up with change but ahead of it—in turn maintaining trust between cardholder satisfaction and efficiency.
Would you like to upgrade your dispute management processes with the Visa-powered Disputes Management System now available in ServiceNow? Well, Xceltrait is here to help you. We, being one of the best ServiceNow FSO implementation experts, help financial organizations be competitive by automating dispute workflows to deliver efficiency in operations as well as provide superior customer experience. Instead of relying on manual dispute resolution processes that can be both time-consuming and resource-intensive, look ahead to a future where financial service management is scalable.
Reach out to us and see how we can help you realize your vision, unlock new efficiencies, driving measurable improvements in your organization. Let us be your partner to help you succeed in the rapidly evolving financial services industry.
