A leading European bank faced inefficiencies in handling high volumes of chargeback requests. The process was largely manual, leading to delays, errors and customer dissatisfaction. HCLTech implemented AI-powered solutions to automate the chargeback process, integrate it with the bank's BPM system and enhance operational efficiency.
The Challenge
Streamlining complex chargeback cases for smoother transactional experiences
Streamlining complex chargeback cases is crucial for enhancing operational efficiency and improving customer satisfaction in the financial sector. The challenge lies in handling intricate cases involving disputed transactions, multiple parties and varying regulations across regions. Some of the key areas of concern were:
- High volume of 7K+ chargeback requests handled manually, causing inefficiencies.
- Manual processing errors, leading to customer complaints and operational delays.
- Complex chargeback scenarios and exposure to financial loss from fraudulent chargebacks.
- 30% duplicate chargeback requests, causing redundant rework.
The Objective
We aimed to simplify the end-to-end chargeback process by leveraging our advanced technological suite of solutions to streamline workflows and enhance the overall customer experience
The Solution
To address the complexities of chargeback management, we implemented our comprehensive solution focused on automation and advanced analytics. By integrating AI-powered tools, the process of identifying and resolving chargebacks became more efficient, reducing the time spent on manual interventions. A unified platform was established to track disputes across various channels, allowing for quicker escalation and resolution.
- AI-driven chargeback submission: The integration of MS Co-Pilot on the bank's website for self-service chargeback submissions significantly reduced customer-agent interactions.
- Automated back-office processing: Azure AI Services and TOSCANA© were used for document validation and summarizing complex cases, reducing manual effort.
- Ethical AI: Partnered with a leading AI technology provider to ensure reliable and accurate decision-making, supported by continuous training based on agent feedback.
The Impact
- 80% automation: Reduced manual processing, making it easier for agents to focus on complex cases.
- 80% reduction in TAT: From 5 days to same-day resolution.
- 60% reduction in AHT: From 25 minutes to 12 minutes.
- 45% fewer referrals: Reduced escalations and faster resolutions.
- 70% improvement in customer experience, enabling faster chargeback resolution and enhancing customer loyalty.
