Efficient dispute resolution is strategic CX

E-commerce dispute volumes have increased globally by roughly 220% over the last few years. It’s a large number fueled by total transactions; most consumers make purchases by phone, even with watches, and certainly more frequently than even a few years ago.

Importantly, 72% of those incidents globally are fraudulent, as stressed in our Special Report: Efficient dispute resolution is strategic CX by ServiceNow’s Vidya Balakrishnan. That means, for instance, an unauthorized purchase with card not present. And about 18% are “friendly fraud,” a disputed transaction by the authorized cardholder, as Balakrishnan and our other thought leaders explain.

For banking leaders, customer experience (CX) linked to disputes and more broadly, to fraud, are valuable touchpoints to consider. This engagement shouldn’t be wasted; it’s opportunity to limit issues, educate consumers, and restore trust in an organization. Tapping scalable, AI-boosted, compliant technology will be the key to making the most of a modernized approach to dispute resolution.

In our report, you’ll hear from:

• Liz Chaffin, Visa’s Vice President in Product Over Post Purchase, who points to research indicating that one mishandled dispute can relegate a card to the back of the wallet. She prioritizes ongoing training to ensure contact center agents ask appropriately calibrated questions to uncover the nature of the dispute, creating a clearer path to resolution.
• Janna Wagoner, Fifth Third Bank’s Senior Vice President, Technology Transformation Director, who values technology platforms, and the vetted implementation of AI, for timely pivots to address fraud and disputes. Fraud risks and consumer behaviors are changing at a pace that challenges traditional banking, she says, but scalable tech can help.
• Vidya Balakrishnan, ServiceNow’s Vice President and General Manager for Financial Services, who shares eye-opening dispute volume numbers linked to digital transaction popularity, and why it is vital for FIs to appreciate the many touchpoints that disputes impact. This whole-of-bank consideration involves regulation, AI, process efficiency, strategic CX, and more.
• Steve Landes, ProSight’s Fraud Alert Network Product and Community Manager, who leverages takeaways from a career in law enforcement and a financial services specialization to walk us through societal and market shifts redefining criminal fraud and so-called friendly fraud, a key feature of disputes. Steve highlights training and education practices for the banking front line and elsewhere.

Download this Special Report to learn more about the value these leaders find in an updated view of dispute management and fraud, and a positive answer within CX strategies.