Visa to Use ServiceNow Dispute Management Tools

Core Insights - Visa is implementing ServiceNow's Dispute Management solution to enhance payment card dispute resolutions and ensure compliance for issuers [1][2] - The collaboration aims to accelerate the dispute resolution process, improving service speed and efficiency for customers [2][3] - The partnership builds on a previous five-year strategic agreement focused on transforming payment services and launching dispute resolution solutions [4] Company Initiatives - Visa will utilize the ServiceNow platform, which incorporates AI capabilities to optimize contact center efficiency and boost employee productivity [2][4] - The new solution is expected to address the increasing volume of disputes in the financial services industry [3] Industry Context - Card disputes are critical moments that can significantly impact customer loyalty, with 52% of consumers indicating that quick processing of disputes is vital for satisfaction [5] - Among frequent card users, 86% are likely to continue using cards that effectively manage disputes, highlighting the importance of efficient dispute resolution in customer retention [5]