Chargebacks911® COO’s New Guest Feature for Credit Union Times
In her new guest feature, Chargebacks911 COO Monica Eaton-Cardone suggests AI may be the best way for institutions to streamline operations and costs, while providing better service to customers.
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While we tend to see chargebacks are a problem that mostly affects merchants, we can’t overlook the losses incurred by financial institutions as well. “For their part, issuers could suffer lost processing costs and chargeback liability losses,” Monica explains. “Also, many issuers opt to write-off low-value transactions, rather than engage in the chargeback process. This leads to further losses.”
In the piece, Monica suggests the core of the problem lies in outdated technologies and processes. By modernizing processes and embracing AI-enabled solutions, credit unions have the power to mitigate risk to themselves and to their customers.
“AI could allow credit unions to automate key components of the dispute process. Reviewing transaction data and analyzing cases currently demands close human oversight, as well as a drawn-out exchange between multiple parties. Better AI tools could allow institutions to free-up resources and significantly reduce overhead.”