Cognizant, ServiceNow Launch AI-Driven Solution For Banking Disputes

Cognizant Technology Solutions Corp CTSH has introduced an AI-driven dispute resolution solution in partnership with ServiceNow Inc NOW.

Designed as a Business Process as a Service (BPaaS) offering, the solution was specifically developed for mid-sized banks across North America. It focuses on enhancing dispute management efficiency and elevating customer experience.

Managing disputes can be challenging for mid-sized banks due to fragmented systems, inefficiencies, and dissatisfied customers. Additionally, chargeback losses and regulatory requirements add to operational complexities.

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By combining ServiceNow's dispute management technology with Cognizant's industry expertise, the BPaaS solution aims to streamline dispute resolution and improve overall efficiency.

“As we look to the future, the collaboration between Cognizant and ServiceNow holds the potential to make a significant impact on the financial services industry,” said Ashish Chopra, chief information officer of the Texas Dow Employees Credit Union.

“Customers would benefit greatly from a streamlined and simplified dispute resolution process powered by AI. We look forward to seeing the positive changes this solution will bring to the industry.”

The solution uses generative AI, streamlined automation and multi-channel dispute intake to reduce the need for manual processing, enabling banks to handle customer complaints efficiently across mobile, web, and CRM platforms.

Key capabilities of the dispute management solution include automation-driven processing, real-time business intelligence reporting, and predictive analytics for workload and recovery estimation.

This AI-powered system aims to help banks reduce chargeback losses, improve regulatory compliance, and maintain customer trust.

Price Action: CTSH shares traded lower by 0.53% at $77.44 at last check on Thursday.

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