In the finance industry, the impact of chargebacks can total more than $150 billion every year across all institutions. For issuers and acquirers, this can add up to increased fines and penalties as well as staff time spent resolving disputes.
In addition, the government has increased banking regulations to give consumers more power to dispute payments. These increased regulations in addition to consumer pressure has made compliance more difficult.
However, resolving disputes manually is an error-prone, inefficient, and time-consuming process that drains productivity and increases staff frustration.
A Document Management system can assist in managing overflowing pend queues, reducing false positives, and managing the overall cost of compliance.