Q4 2023
Useful Links
Additional questions and information can be addressed by assigned Client Success Managers or Project Managers.
Executive Corner
Dear Clients & Partners,
As Quavo’s inaugural Chief of Staff, I am honored to join the Executive Team and contribute to Quavo and our clients in a new way. As we reflect on the accomplishments of 2023, our commitment to pushing boundaries and embracing technological advancements has positioned Quavo as a frontrunner in the fintech industry. Here are the core things setting the stage for us in 2024:
1. Customer Centric Innovation
In the coming months, we will roll out innovative solutions designed to meet the evolving needs of our clients. We are dedicated to enhancing the way our users interact with Quavo.
2. Regulatory Compliance and Security
Quavo is committed to maintaining the highest standards of compliance and security. Our proactive approach will ensure we meet and exceed industry standards, providing our clients with peace of mind in an ever-changing environment.
3. Strategic Partnerships
Collaboration has always been a cornerstone of Quavo. We will continue to focus on forging strategic partnerships that amplify our impact and extend our reach. By joining forces with like-minded organizations, we aim to create a more robust ecosystem that benefits our clients and stakeholders.
In closing, I am excited about the opportunities that lie ahead in 2024. Together, let’s embark on this journey of growth, innovation, and success.
Here’s to a prosperous and fulfilling year!
Nick Facca, Chief of Staff
2023 Year in Review
Quavo to Release Generative AI-Based Tool by EOM
Quavo is currently Beta testing a generative AI-based tool designed to aid agents as they analyze and respond to cardholder communication. The tool securely analyzes inbound communication and determines if an agent needs to take any action as a result. This is the first step in Quavo’s “crawl, walk, run” approach to artificial intelligence offerings; first, data is presented to users, feedback is collected, data is analyzed, and refinements are made iteratively before any attempt to automate work away from users. Quavo has several more generative AI use cases under development for release in 2024.
The Quavo Communication Center
Quavo will be moving from the legacy Support Portal over to the new Jira Cloud-based support portal, otherwise known as The Quavo Communication Center (QCC).
In the new QCC, you can submit tickets regarding the following: Production Environment, Staging Environment, or Improvements Requests. Visit the Confluence page to find instructions on how to use the QCC.
2024 Product Roadmap
Need to Knows
Stick Rate
The stick rate expresses the chargeback success rate, indicating the number of wins and losses.
Use the stick rate as a tool to judge QFD’s recovery efficacy by comparing system-submitted chargebacks to analyst submissions. Users can also can compare analyst win rates against each other, which helps identify underperformers.
You can view the stick rate on the Recovery Decisions report. Review the “Outcomes” column for the wins and losses. Other helpful details in this report include who performed the chargeback, the claim category, and the acquirer response.
Assignment Groups
The Assignment Groups serve as a way to organize critical work, including work approaching regulatory or recovery deadlines, in an effort to prioritize which assignments should be worked. Managers have the ability to add specific Assignment Groups to a user’s operator through the Admin Portal.
Adding Assignment Groups to an operator will determine what type of work a user pulls when they utilize Get Next Work. Multiple assignment groups can be assigned to an operator, setting priority on the assignments. This ensures when the operator clicks get next work, they are always pulling from the highest priority assignment groups.
Tips & Best Practices
Unworkable Assignments
During the course of the workday, it is possible to pull an assignment that cannot be worked. This might be because the user doesn’t know how to do the work or it could be a technical issue that prevents the user from completing the work. When this happens, it disturbs the flow of work as users will continue to retrieve this unworkable assignment via Get Next Work. To address this issue, a “Mark Assignment As Unworkable” action has been added to the system.
Market Insight: The Season of Giving Taking
40% of annual chargebacks in the US are performed between November and January
Industry Insights
While the holiday season may be behind us, the chargeback season is upon us. Cardholders are likely to file chargeback claims two to three months after a charge was made, deeming the first quarter of the new year “Chargeback Season.”
According to Sift, fraud attempts are expected to grow to 3% of all transactions, with first-party fraud making up 20% of all fraud threats. Across the Sift network, dispute rates rose a moderate 6% YoY in the 2023 vs. 2022 chargeback season.
Quavo Quantified
Quavo analysts saw claim volumes increase by double digits for every client live in 2023, some reaching 60% growth throughout the year.
When looking at Sift’s 2024 estimates, our experts believe that a 20% first-party fraud estimate is conservative. In 2023, some “at risk” clients reached an upwards of 70% in first-party fraud claims. Meanwhile, more stable member-focused institutions ranged from a 20-40% first-party fraud rate.
Quavo in the News
Joe McLean joins Leaders in Payments Podcast
Joe McLean, CEO and Co-Founder, joined Greg Myers on an episode of Leaders in Payments Podcast earlier this month. Tune into the podcast to discover how Joe’s journey from a computer science enthusiast to a fintech innovator transformed the landscape of fraud and dispute management in the banking industry.
Joe emphasizes that while fraud is an inevitable part of the banking sector, the implementation of refined systems is vital in aiding institutions to effectively manage it. Listen to the full episode now.
American Banker Publishes Quavo Whitepaper
“How Banks Can Transform Fraud and Dispute Management”
This whitepaper explores four key benefits of modernizing fraud and dispute management and includes interviews with Quavo clients KeyBank and BECU. Read more!
Automation and Your People: Where Do You Go from Here?
New: Quavo Blog Post
Automation in any process is going to give your business, expenses, and customers a lift. Lower cost of processing, efficiency gains, and shorter time-to-resolution are benefits that impact your business in so many positive ways.
But what does that mean for your team? Your people that you have been through it with, and who have continued to be there for you day in and day out? In my own experience it’s never an option to decide against automation. Read more in our newest blog!
Partner Spotlight
With banking and issuer clients on five continents, Episode Six is helping leading payment brands to leapfrog their competition by leaving behind legacy technology and building products that their customers love.
While their TRITIUM® platform offers a configurable foundation to build any payment product a client might want, it lacks payment dispute processing and an offering for Reg E, Reg Z, and NACHA compliance. That is where Quavo comes in!
“Quavo is excited about the opportunity to be part of Episode Six’s mission to help issuers modernize their physical and digital payment programs,” said Dana Reiner, Quavo’s Director of Strategic Partnerships.
New Clients
