Künstliche Intelligenz
Reimagining financial workflows with AI-driven chargeback automation
About the client
Our client is a premier European bank with whom we have been working for 12 years. They wanted to reimagine the existing chargeback process and make it more streamlined and less complex. The goal was to improve the overall consumer experience and increase satisfaction.
The Challenge
Chargeback disputes have become a significant challenge for banks. The increasing complexity of transactions, coupled with the rise of fraud and consumer disputes, has resulted in financial losses, increased costs, damaged merchant relationships and regulatory penalties adding immense pressure on banks to expeditiously and accurately resolve chargeback requests.
Outdated technologies hamper transformation and optimization of processes because of the limitations in their ability to process different formats of documents and communication.
Banks require a solution to overcome the challenges posed by legacy processes and outdated technologies.
- Document review is manual and error prone
- Human errors at submission and at the back office lead to erroneous chargeback rejections
- Increase in operational costs due to inefficient workflows and fragmented processes
- Seasonal spikes overwhelm the chargeback processing teams
- Outdated technology fails while processing unstructured and non-standard images and documents
The Solution
AI-driven chargeback automation to optimize banking operations
HCLTech implemented an AI-powered solution to address the challenges in chargeback processing. This solution automates document validation and submission workflows, leveraging multimodal LLMs to automate various aspects of chargeback processing.
Features
- Guided customer experience: Support customers in guided chargeback submission and initial validations within the customer portal
- Document validation: Automatically verify the accuracy and completeness of submitted documents
- Data extraction: Extract relevant information from documents to streamline analysis.
- Intelligent decision support system: Provide intelligent recommendations to agents by verifying submitted documents and policies.
- LLM assurance: Employ human feedback and LLM assurance tools to ensure AI model accuracy for every AI-generated response.
The solution efficiently processes unstructured text, non-standard images and documents, minimizing rejections caused by human errors. It became increasingly accurate through continuous retraining using human feedback, allowing banks to effortlessly manage higher volumes of chargebacks.
The solution's deployment began with a pilot in the back office, where human agents oversaw every AI decision and provided feedback. The solution was then integrated with online customer-facing portals to alert customers of incomplete, inconsistent and incorrect data/documents, thereby eliminating errors at the submission stage.
The Impact
Transforming chargeback processing with AI for faster, accurate results.
The solution has drastically reduced errors and turnaround time, improved compliance, and optimized agent productivity. Consequently, banks can handle increased volumes of chargeback requests efficiently, reduce operational costs, enhance customer experience, and remain compliant with bank and service provider guidelines.
HCLTech’s AI-powered chargeback solution offers numerous benefits to financial institutions, including:
- Reduced turnaround time by 60% for chargeback resolution
- Improved agent handling time by 35%
- Reduced rejection rates by more than 30%
- More than 80% process automation
- Enhanced customer experience
- Improved compliance
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