Financial transaction disputes are headaches for both the institution’s employees and their customers. On average, a single dispute can set a financial institution back by $10 to $70 in operating expenses. More impactful, perhaps, is the decrease in brand sentiment and trust if not settled quickly.
One way banks and credit unions can address the challenges associated with disputes is by implementing Financial Services Cloud’s (FSC) Transaction Dispute Management workflow. This tool is designed to help financial institutions streamline their dispute resolution processes, saving both time and resources, all while ensuring happier customers and employees.
Top Three Benefits of FSC Transaction Dispute Management
1) Reduce Inefficiency
Today, most financial institutions operate in disparate systems: a case system to log the customer’s dispute, the core to find the financial transaction, then photocopying proof to share via email.
One key benefit of Transaction Dispute Management is its ability to eliminate those inefficiencies, which are the primary drivers to slower response times, mistakes, and ultimately unhappy customers and members.
With a centralized platform on FSC, the internal workflows are digitized, standardized, and enable easy data collection on the dispute case.
2) Effortless Dispute Intake
Transaction Dispute Management features an intuitive dispute intake form, facilitating the quick and accurate capture of customer dispute data. This user-friendly form seamlessly integrates with core banking systems, allowing agents to select multiple transactions for dispute, choose the appropriate dispute reason, and gather additional details through a dynamic questionnaire. This intake form is standardized out of the box, but institutions have the flexibility to customize to specific business needs.
3) Streamline Retail Banking
Beyond dispute management, Salesforce FSC offers prebuilt processes to streamline retail banking services. These processes empower service agents to efficiently handle various requests, from fee waivers, loan modifications to credit lock. With intuitive forms and customizable options, serving customers becomes more efficient and effective.
By implementing Salesforce FSC Transaction Dispute Management, banks and credit unions will deliver a frictionless experience for both customers and employees and continue to build deep, lasting trust.
