Lean Industries has published another white paper, this one on the subject of disputes management in complex banking environments.  Companies who offer a variety of payment products and services to consumers do not have the applications to make their dispute operations productive.  This problem is amplified with the challenges of scale and volume.  Complex and changing regulatory requirements and competitive encounters can limit a financial institution’s ability to efficiently deliver a superior customer experience without sacrificing quality, productivity and efficiency.

This paper will help your organization to fully consider the scope and complexity of modernizing your dispute operations.  Inside, you will read about the various impacts and opportunities you have to make substantial improvements in the dispute management services you offer to your customers.


To obtain your copy of this white paper, please contact us at marketing@leanindustries.com


Enjoy an excerpt from this white paper:

“Financial institutions (FI) continue to struggle with increased volumes of consumer disputes, resulting from unhappy customers and a variety of fraud-related scenarios. The systems in use are mostly “home-grown”, systems that are rapidly becoming outdated due to lack of scarce business and IT resources tending to their maintenance and enhancement. Meanwhile, the business side of the FI constantly demands the implementation of new and/or expanded payment products, bringing additional pressures to bear on the updates of cumbersome-to-enhance dispute systems.  This white paper, composed by staff at Lean Industries, discusses the basic requirements of modern dispute handling systems in complex FI environments. It will aid the institutions with the process of evaluating both in-house development options as well as vendor-supplied software product options for dispute management services.

 

A Variety of Payment Products

No large and complex financial institution can survive by offering single payment products. A variety of payment products and services are necessary, from credit to debit cards, PIN and Signature options, online bill payments, and P2P payments. Support for these different types of products must therefore be provided by the dispute environment, requiring complexity far beyond a regular in-house system and mandating rapid change capabilities in volatile and competitive payment environments.

Multiple payment product capabilities will allow for a combined dispute processing environment, resulting in increased staff utilization and improved efficiencies.

 

A Variety of Consumer Interfaces

Consumers can interact with their financial institutions in a number of ways – branches, call centers, online banking portals, ATMs, telephone banking, and new mobile banking portals. Registering a dispute should therefore be possible from the same consumer touch points.  Ideally, it is when the consumer is directly engaged in the process that the right questions should be asked to establish the correct context of each possible dispute type. The dispute case handling system should therefore be able to retrieve and display transactions through every customer interface channel, as well as collecting comprehensive information with each dispute case, such as answers to questions and legal affidavits in the form of digital images.

Multiple consumer interfaces should present an identical consumer experience for a dispute process, regardless of payment product and contact method.