What do companies need to do to automate resolving disputes?

In an era where the financial landscape is rapidly evolving, banks must adapt or face insurmountable challenges. As fraud, particularly first-party fraud, becomes increasingly sophisticated, traditional methods of handling disputes are proving inadequate. Last year, many banks were overwhelmed by a surge in fraud-related disputes, highlighting the need for new approaches and technologies.

The key to navigating this new reality is an open mindset toward innovation. Automation and advanced software solutions can handle the increased workload without the need for additional staff, streamlining processes that previously required multiple human interventions. By shifting the investigation of disputes to the earliest stages, banks can swiftly identify and address fraudulent activity, reducing the burden on their teams.

The transition may be challenging, but the benefits are clear. With companies like Quavo and CRG offering both technological solutions and transformation support, banks can modernize their operations, making them more resilient against the rising tide of fraud.