AI Enhanced Transaction Dispute Resolution Workflow Explained

Transaction Dispute Resolution Workflow

1. Initial Dispute Identification

1.1 Customer Reports Dispute

The customer initiates a dispute through the bank’s AI chat tool, such as ChatGPT for Banking, providing details of the transaction in question.

1.2 AI-Driven Data Capture

Utilize AI tools like IBM Watson to capture and categorize the dispute details automatically, including transaction amount, date, and nature of the dispute.

2. Preliminary Analysis

2.1 Automated Verification

AI algorithms conduct preliminary checks against transaction data to verify the authenticity and identify patterns of fraudulent activities.

2.2 Risk Assessment

Implement AI-driven risk assessment tools, such as FICO Falcon Fraud Manager, to evaluate the risk level of the transaction and prioritize disputes accordingly.

3. Customer Communication

3.1 Automated Acknowledgment

Send an automated response to the customer through the chat tool, confirming receipt of the dispute and providing an estimated timeline for resolution.

3.2 Ongoing Updates

Utilize AI chatbots to provide real-time updates to customers regarding the status of their dispute, enhancing customer experience and reducing anxiety.

4. Investigation Phase

4.1 Data Gathering

AI systems compile relevant data from various sources, including transaction logs, customer history, and external databases, to support the investigation.

4.2 Human Oversight

Involve human analysts to review the AI-generated findings, ensuring accuracy and adding a layer of judgment to the process.

5. Resolution Process

5.1 Decision Making

AI tools can assist in decision-making by providing recommendations based on historical data and outcomes of similar disputes.

5.2 Resolution Communication

Notify the customer of the resolution via the AI chat tool, detailing the outcome and any actions taken, such as refunds or adjustments.

6. Feedback Loop

6.1 Customer Feedback Collection

After resolution, prompt the customer to provide feedback through the chat tool, using AI to analyze sentiment and satisfaction levels.

6.2 Continuous Improvement

Utilize insights gathered from customer feedback to refine the dispute resolution process, enhancing AI algorithms and improving overall service quality.

7. Reporting and Analytics

7.1 Data Analysis

Implement AI analytics tools, such as Tableau, to analyze dispute trends and identify areas for improvement in transaction security and customer service.

7.2 Compliance Reporting

Generate compliance reports using AI to ensure adherence to regulatory standards and internal policies, maintaining transparency and accountability.