Operational disruption from implementation is the biggest hurdle facing financial institutions and Fintech organizations looking to partner with third-party financial service providers for fraud and dispute management. Issuers often settle with the fraud and dispute solution offered by their current service provider, but these options are usually fragmented and outdated. Fraud and disputes are not service providers’ core business, so their “solutions” tend to depend heavily on the issuer’s internal IT resources. The unpleasant truth is that when issuers reluctantly select what is perceived to be the easiest option available through their providers, they are quickly inundated with long and costly implementation, preventing them from improving their current, manual process.
In a recent article highlighting the top five insights into today’s Fintech trends, Dilip Krishna, managing director and head of innovation for Deloitte & Touche LLP’s financial services businesses, noted, “Fintech and other emerging disruptive technologies generate excitement, but with the disruption comes changes to existing architecture and the creation of new implementation and deployment challenges […] We’re currently in the realist phase of ‘This is what these technologies can do. Now how do we incorporate them?’”
We identified common implementation challenges when incorporating chargeback management solutions and eliminated them with our automated, cloud-based technology. Our QFD® software and fraud management AI, ARIA® offer continued service before, during, and after onboarding to help teams avoid common implementation pitfalls when transitioning to our automated solutions.
Pre-Implementation
One of the largest challenges with third-party financial service solutions is the vast array of integrators and API connections necessary for seamless data exchange. This process can be costly, often draining internal IT resources and delaying other crucial business projects.
When it comes to fraud management software, other providers require manual workarounds, like batch feeds and manual entry processes when integrating with core banking platforms and merchant collaboration software. These manual, on-premise requirements don’t simply waste valuable time, but they make the software inflexible and dependent on additional IT resources for even the smallest updates.
Quavo’s QFD® software is a full, multi-point solution that seamlessly integrates with core banking platforms (I.e., Fiserv®, FIS, Epysis®) and merchant collaboration software (i.e., Ethoca® and Verifi™) to help teams better track external data required for successful dispute recovery.
QFD™ does not require any custom implementation from your IT team or ours and can be easily updated without requiring additional downtime or developer resources. QFD™ exchanges data via API connectors to present information during the intake process within seconds. QFD™ then leverages this data to automate and further drive straight-through dispute processing workflows, so case management is efficient and compliant.
In addition to QFD™, our fraud management AI technology, ARIA®, only requires data for implementation. She integrates with any fraud detection, fraud alert, chargeback management, and merchant collaboration software. ARIA™ is cloud-based and tech agnostic, enabling issuers to use her without altering their current dispute management platforms – whether they are using a third-party or a custom-built solution.
Quavo’s fraud and dispute management SaaS solutions are cloud-based, meaning that we don’t require on-premise installation. Being cloud-based makes our solutions entirely reusable and unlike any other chargeback management offering available in the industry.
The cloud eliminates the demand on your technical resources, preventing costly implementation and securing faster deployment times for issuers to quickly onboard automated fraud and dispute solutions.
During Implementation
Regulatory requirements, critical service conversions, and deadlines cannot be put on hold during implementation, prompting many issuers to ask how they can replace their manual processes with automated solutions without disrupting current operations. Quavo’s cloud-based solutions require minimal implementation because we already support dozens of third-party banking APIs so that your team does not have to worry about falling behind during the onboarding process.
Many typical chargeback management solutions lack the customization capabilities that are necessary for your business processes to maintain a strong customer focused/centric environment. With QFD™, you do not have to compromise on things like brand strategy or customer experience. Enabling self-service for mobile and/or online banking is also a seamless process. QFD™ allows your account holders to not only file their claim, but also check its status and complete tasks without ever having to leave the online/mobile account platform.
QFD™ further enhances account holder experience by automatically updating case information with current claim status and tasks needed to process the claim quickly and efficiently. All communication channels are customizable to your financial institution, ensuring your brand promise and customer experience are elevated instead of sacrificed.
Many of these solutions also lack the customization to the business processes necessary to maintain strong, client-focused environments and communication channels. With QFD™, you will not have to worry about compromising things like brand strategy or customer experience.
When enabling self-service for mobile and/or online banking, QFD™ allows your account holders to file their claim, check the claim status, and complete tasks all without ever having to leave their online/mobile account platform. QFD™ further enhances account holder communication by automatically updating case information with current claim status and necessary account holder tasks needed to process the claim quickly and efficiently. All communication channels can be white-labeled to ensure your brand promise and customer experience are elevated instead of sacrificed.
Post-Implementation
Issuers often face implementation challenges when their financial institution is the most vulnerable. Trying to adapt to new technology and new processes on top of managing fraud claims is a daunting prospect. Quavo offers continued support during onboarding and throughout the life of the partnership.
Our dedicated team of experts is here to help your team learn best practices, increase efficiency by adopting new processes, attend training, and access valuable resources. We provide all the tools your team needs to work on cases efficiently and compliantly.
Quavo’s technical and industry experts provide continuous support by building and deploying updates ahead of industry trends. Our team of technology and compliance experts research and develop software updates to support full Reg E, Reg Z, Nacha, and biannual network mandate compliance. Our team has deep industry and regulatory expertise and we understand the challenges financial institutions face regarding regulatory compliance which is why we have a compliance expert to support your team in addition to a dedicated client experience manager to ensure you remain compliant and successful throughout the life of the partnership.
Another challenge for many FIs is the scalability of their solution. With an ever-changing industry landscape and growing business needs, it is impossible to manage increasing volumes with manual resources. QFD™ leverages the power of automation with the Get Next Work feature and automated workflows to ensure that your team can efficiently handle influxes in case volume, securing the fastest resolution times possible for your account holders. QFD™ has expertly built workflows driven by chargeback recovery rules to determine and assign the highest priority cases first, assuring compliance, reducing losses, and increasing operational efficiency.
While other service providers may require additional on-premise development to support influxes in claims or new user requirements, Quavo’s solutions are scalable and easily updated to grow with your business needs.
To learn more about our industry-leading Disputes as a Service™ offering or for help selecting the right automated solution for your team, visit us online or email us at experts@quavo.com. We are happy to help!
