Cognizant and ServiceNow Launch Dispute Management Solution for Mid-Market Banks

Cognizant partnered with ServiceNow to launch a business process-as-a-service solution for mid-market banks in North America to streamline the dispute resolution process and enhance customer satisfaction.

By combining ServiceNow's advanced dispute management technology with Cognizant's expertise in end-to-end dispute management, the solution helps mid-market banks manage disputes, reduce chargeback losses, and maintain customer trust. It leverages generative AI, highly automated workflows, and multichannel intake.

Some key features of the dispute management solution include the following:

• Customer dispute intake through mobile, web, and CRM systems.
• Customer sentiment analysis using voice and text.
• Automation and straight-through processing (STP).
• Workflow data fabric for business intelligence and analytical reporting.
• Workload and recovery prediction analytics.
• Automated communication frameworks for letter and email generation.

"We are pleased to strengthen our partnership with ServiceNow and empower mid-market banks with AI-powered technology and operations," said Nageswar Cherukupalli, senior vice president and business unit head of banking, capital markets, insurance, and strategic initiatives at Cognizant, in a statement. "With our expertise in end-to-end dispute management, we look forward to helping banks operate more efficiently and increase customer satisfaction. We are proud to be at the forefront of innovative, technology-driven solutions that have the potential to transform dispute management in the banking industry."

"Cognizant's domain expertise in financial services and deep ServiceNow technical experience are essential to expanding the ServiceNow Disputes Management product offering to new market segments," said Binoy Gosalia, vice president of global partner acceleration at ServiceNow, in a statement. "We are thrilled to partner with Cognizant to bring flexible and highly compliant AI-driven CX capabilities to banking customers who have long been constrained by outdated and architecturally rigid solutions."