Technology in the banking world has made a huge leap in the last decade. More than ever before, financial institutions and fintech organizations are offering digital solutions for banking services, with a specific focus on increased customer experience through self-service features. One major area where issuers have struggled to implement self-service options is the intake process for fraud and dispute claims.

Issuers have been slow to innovate with online and mobile banking solutions for a variety of reasons. Their chargeback management software does not support the feature, or they are concerned self-service can result in an increase in claim volume beyond what their internal resources can manage. Issuers may also feel that self-service solutions will not effectively capture the necessary information for a successful claim resolution. 

We addressed all these concerns and others with our QFD® software’s self-service feature. Quavo’s QFD dispute management software is designed to automate casework and reduce overhead costs. An Online and mobile banking solution for claim submission and management largely drives QFD’s automation by collecting information required for recovery as soon as the claim is created. Our experts compiled a list of the benefits of QFD’s self-service intake portal:  

1. Support Efficient Case Information Collection 

Tackling fraud is a stressful experience for account holders and issuers, which is why Quavo’s dispute management software was designed to improve communication channels right from the start – during intake. With QFD’s self-service feature, account holders can dispute transaction activity and access their claim, case status, and documents directly, ensuring that they are informed with the steps being taken to resolve their case.  

QFD allows your account holders to update their disputes in real-time, giving your team every advantage when collecting pertinent case data. Our self-service feature also allows account holders to choose between English or Spanish as their preferred method of communication, further streamlining communication channels for accurate case information. 

2. Reduce Callbacks & Call Times 

Out of the box, our dispute management software QFD offers intake powered by regulatory and network requirements to ensure both compliance and streamlined recovery. QFD’s intake questionnaire is designed to obtain the right information the first time. Our questions prevent the callbacks that commonly extend investigation timelines and reduce average call times during intake to under five minutes. QFD prompts simple intake questions and uses these answers in combination with card network chargeback recovery rules to drive customer satisfaction and accurate results.  

Issuers can enhance QFD with more automation across dozens of additional features, our self-service intake solution being one of them. Employing our self-service intake feature further streamlines the dispute management process by reducing the possibility of human error. Self-service is a more efficient intake method than relying on call centers and agents because it eliminates the data loss and time delays that commonly occur during human-managed information transfer.  

3. Streamlined Workflows 

The self-service feature makes account holder information collected at intake immediately available to all parties with access to the QFD platform. The information collected is then applied to the rest of the investigatory process, without delay. As QFD’s intake questions are designed to establish logic-driven case urgency, the faster this information is logged, the more streamlined and efficient dispute management workflows can be. QFD swiftly begins automation once the claim is finalized and through autonomous workflows, manages increased case volume and meets regulatory deadlines. With many financial institutions still relying on manual workflows for managing fraud and disputes, leveraging QFD’s automated features offers issuers a considerable advantage. Features like self-service further streamline the complex web of workflows and processes that are necessary for consistent and complete decisions.  

4. Prevent Friendly Fraud Cases 

Our self-service portal helps your team better collect and leverage account holder information from intake to recovery. Leveraging QFD’s self-service feature also helps prevent friendly fraud cases by helping account holders determine whether their claim is true fraud or friendly fraud at the time of intake. Information previously overlooked by account holders can be addressed during self-service. Factors like: 

• Location of card (i.e., lost, stolen) 
• Who has card access?  
• Type of transaction (i.e., Mobile, POS, etc.)?  

These questions empower your account holders to better understand the nature of their dispute to provide accurate claim information for a faster resolution. 

5. Enhance Account Holder Experience  

Many consumers want oversight over their finances, especially when it comes to fraudulent transactions. Fraud is stressful enough without hold times, barriers to information, and perceived inaction. Providing your account holders with the tools to start and manage claims is the best approach to tense and often emotionally charged interactions. While you can’t always prevent fraud from happening, you can prevent the resolution process from causing further stress and anxiety for your account holders by offering QFD’s self-service feature.  

Mobile and online banking solutions like self-service improve customer success stories and allow account holders to feel more confident when disputing a claim, offering more accurate information and insight than a conversation with an agent on the phone. By employing QFD automated dispute management software, you can prevent your front-office team from being overwhelmed with high claim volumes and callbacks. Let us help you streamline your fraud and disputes process without sacrificing your regulatory, ethical, and customer experience standards.