Chargebacks911® Founder and CEO Monica Eaton recently sat down with Finopotamus to discuss the evolving landscape of dispute resolution and the unique challenges faced by community financial institutions, particularly credit unions.
Finopotamus is the only publication, online or otherwise, dedicated exclusively to credit union technology. The site was created by three of the best-known journalists in the credit union technology space, catering to this unique fintech niche.
The finance space is changing at a rapid pace, as are customer expectations. Monica suggests that quickly addressing customer complaints and disputes is key to keep buyers happy.
“The fastest that an issuing bank can resolve a dispute has been proven to be one of the top three indicators of loyalty.” Touching upon the digital transformation within member service expectations, she added, “Consumers have more confidence and they’re going to use a solution if they know that they can file a dispute and they know that the transaction is secure.”
But, she also warns against a lack of due diligence in determining when chargebacks are valid. “If you reward bad behavior, statistically you’re going to get another invalid claim within 90 days,” she warned, advising adherence to consistent protocols and transparent communication with members about rules and processes.
