Cognizant has launched an AI-powered dispute management solution in partnership with ServiceNow. This Business Process as a Service (BPaaS) offering targets mid-market banks in North America and aims to streamline the dispute resolution process, addressing operational inefficiencies that lead to customer dissatisfaction and chargeback losses.

Mid-market banks often encounter challenges in effectively managing customer disputes due to fragmented systems and regulatory compliance issues. The new solution combines ServiceNow's advanced dispute management technology with Cognizant's expertise, enhancing the banks' ability to manage disputes, minimize chargeback losses, and maintain customer trust. It utilizes generative Artificial intelligence (AI), automated workflows, and multi-channel intake to facilitate dispute resolution with reduced manual intervention.

Key features of the solution include intake through multiple channels (mobile, web, and CRM systems), customer sentiment analysis through voice and text, automation for operational efficiency, analytical reporting, and automated communication frameworks for generating letters and emails.

Nageswar Cherukupalli, Senior Vice President at Cognizant, expressed satisfaction in strengthening the partnership with ServiceNow, emphasizing the aim to improve operations for mid-market banks and enhance customer satisfaction. Similarly, Ashish Chopra, Chief Information Officer of TDECU, highlighted the potential impact of the collaboration on the financial services industry, emphasizing the benefits of a streamlined dispute resolution process for customers. Binoy Gosalia, VP of Global Partner Acceleration at ServiceNow, noted that Cognizant's expertise is crucial for expanding their Disputes Management product offering to new market segments.