Reduces 45-Day Process to Seven Minutes, Reduces Banks Expenses by 80%
NEW YORK, Sept. 24, 2019 /PRNewswire/ -- Fintech start-up Finscend has demonstrated at FinovateFall 2019 in New York how its Artificial Intelligence-powered Bank Dispute Platform (BDP) can process a credit card dispute, which traditionally takes up to 45 days, in a mere seven minutes. Banks can use Finscend's platform to reduce their dispute resolution expenses by eighty percent.
"McKinsey estimates that the top 15 U.S. banks spend approximately $3 billion each year, combined, on dispute processing," Aaron Lazor, Finscend co-founder and CEO told participants. "Very simply, banks are being bled dry with these unnecessary expenses," he continued. "And this problem will only get worse because the number of credit card disputes is growing year-to-year."
Finscend spent three years researching how 800-plus banks around the world process credit card disputes. Its AI modeling includes hundreds of data points that consider the reoccurring issues and inefficiencies that its research revealed.
Predicts Whether the Dispute Meets Chargeback Requirements
When cardholders click into the Finscend BDP app on their smartphones, they enter their card numbers and other identifying information, answer a few questions about the transaction in dispute, upload relevant documentation, and then click on "Submit." All that data is then instantaneously transferred via API to popular CRMs that banks use, such as Salesforce, Zendesk or Microsoft Dynamics, or Finscend's own proprietary dispute resolution platform. The bank's dispute staff is alerted that a new chargeback request has been received, along with a Dispute-or-Not (DoN) score generated by the BDP's AI engine. The DoN score predicts the certainty the dispute meets the chargeback requirements codified by the credit card operator. If the DoN score is high enough, the bank then raises the dispute.
"Finscend's Bank Dispute Platform is a disruptive solution because it drastically reduces the needless expenses and frustrations inherent in the traditional dispute resolution process," noted Moshe Teren, the company's CTO and second co-founder. "Our live demo showed that traditional dispute onboarding, which takes about three hours on average, can be completed in just a couple minutes using AI and NLP," he added. "And if that weren't enough, BDP saves the banking industry up to 80% of all those billions of dollars it's now wasting."
Finovate is the world's premier annual gathering of senior banking executives, fintech venture capitalists and financial industry analysts and journalists.
About Finscend
Finscend's Banking Dispute Platform (BDP), which was introduced in 2018, is the most technologically ~advanced solution of its kind. BDP was conceived and designed for banks, other financial institutions and credit card issuers by financial industry veterans who have a first-hand professional understanding of the challenges of dispute resolution. The core of this unique solution is an AI-driven engine that streamlines the entire dispute process by offering real-time reporting, batch processing, fraud monitoring, and an enterprise user account area. BDP employs proprietary tools to ensure that it integrates seamlessly within the banking ecosystem, and it works in tandem with Visa and Mastercard schemes. By deploying BDP, banks can significantly reduce the costs of chargebacks while increasing cardholder satisfaction.
www.finscend.com
Contact:
Reuben Eliaz, Media Relations Manager
Finscend
news@finscend.com
+1-773-312-4900
