Ensure Fast and Fair Chargeback Decisions While Cutting Processing Costs
Banks are receiving unprecedented volumes of chargebacks. The demand makes it hard to be timely with requests and often results in backlogs and spiralling processing costs.
Issuing banks want to help customers to get their money back quickly, but chargebacks are logistically challenging. Processing is often non-linear and involves multiple parties. Offering a good customer experience needs to be balanced with ensuring a fair outcome. Manual processes and legacy systems often compound speed and efficiency problems.
SmartFlow helps banks to automate the chargeback process from start to finish. It is easily implemented connecting existing forms and systems (including legacy) to provide intelligent access to all of the disparate data held across banking departments.
Fast resolutions for customers
100% accuracy with data collation
Automate electronic communications with 3rd parties
Eliminate backlogs, dealing with fluctuations in volume without the need for more staff
Reduce processing costs
Reduce the risk of regulatory breaches and complaints
Keep all systems up to date automatically
Autogenerate a comprehensive audit trail
Manually Processing Chargebacks Often Takes over 60 Days - With SmartFlow Issuing Banks Can Review Chargebacks in Under a Day
Chargeback processing in banks often takes between 30 and 90 days, when volumes rise backlogs start to build and mistakes are sometimes made as the team comes under increased pressure.
Banks using SmartFlow can resolve chargeback requests around forty times faster.
Customer Case Study
A major retail bank were struggling with a high volume of complaints. They were running a 24/7 operation and had already implemented RPA task automation. Despite this they had a growing backlog of complaints.
With SmartFlow they were able to reduce processing time for each claim from 4 hours with RPA, to 6 minutes with SmartFlow.
This led to big improvements in quality and savings of over £50 million.