Overview
Credit reports play a crucial role in determining the financial standing of institutions and individuals. Our client, a leading American financial institution, aimed to address inefficiencies in managing credit bureau disputes and fraud alerts.
The Challenges
Overcoming technological barriers for optimized efficiency
The enhancement of credit bureau disputes and fraud management for a leading American financial institution presented multi-fold challenges, leading to decreased productivity and slower resolution of issues. The root causes of these challenges are as follows:
- Manual processes: The dispute resolution process was manual, leading to inefficiency and delays.
- Regulatory compliance: Maintaining data accuracy and adhering to credit reporting regulations posed a significant challenge.
- Scalability: Handling a large volume of disputes demanded better operational support and workforce efficiency.
- Legacy systems: The existing system lacked automation, impacting turnaround time and accuracy.
The Objective
Our aim was to streamline processes, improve compliance and enhance operational scalability using automation and intelligent workflow solutions. We strategized to bolster the organization's fraud detection and prevention capabilities by enabling the institution to quickly identify and mitigate fraudulent activities.
The Solution
Harnessing the power of AI for efficient dispute resolution and fraud detection
We collaborated with the client to address the challenges of manual processes and improve its overall efficiency. Our solution optimized workflows and strengthened the bank's ability to detect and mitigate fraud in real time, ensuring a more secure and responsive process.
- Automation and intelligent integration:
- AI-based solutions for automating dispute letter uploads and detecting fraud patterns in real-time, significantly reducing manual errors and improving processing speed.
- Introduction of a dual-track dispute resolution model for direct and indirect disputes.
- Operational efficiency and scalability:
- Transformation of operations with phased client-to-vendor transition and a dual-location model (India and San Antonio).
The Impact
Comprehensive results that boost the overall financials of the organization
- Efficiency gains: Reduction of Average Handling Time (AHT) by 10–15% and minimized errors with automation.
- Regulatory compliance: Enhancement of compliance and quicker resolution of fraud cases.
- Workforce enhancement: 100% of team members trained in credit dispute management.
- Scalability: Enabled future growth with AI-driven processes and global delivery centers
