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Finscend’s AI-Driven Credit Card Dispute Platform on Target to Trim Billions in Costs for Banks and Financial Institutions

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Finscend, whose AI-driven Bank Dispute Platform (BDP) automates and streamlines the credit card dispute process, will not only save banks and consumers’ time, but also cut processing costs by up to 25%. By analyzing dispute processes globally, Finscend has revealed how challenging it is for banks and consumers to navigate the current dispute process, and how its automated system can benefit everyone.

The credit card dispute process costs the top 15 American banks over $3 billion annually due to deficiencies in standardization, knowledge, software, and customer service. That, of course, is just a fraction of what all financial institutions worldwide currently lose. By analyzing feedback it received from more than 700 banks around the globe, Finscend identified the shortcomings that generate those loses.

In Q1 of this year, Finscend reviewed the dispute processes of the banks it its survey and found that although the Visa dispute process should take 30 days from submission of the initial complaint to resolution, on average it actually takes approximately three times as long. In the UK, the dispute process takes even more time ‒ over 100 days. The primary reason why this occurs is that the process is mainly conducted manually. By harnessing AI to replace subjective criteria with objective criteria, Finscend developed a solution that overcomes service gaps while cutting dispute processing costs by up to 25%.

BDP accomplishes this by:

  • Providing an end-to-end solution for the credit card dispute process that connect all necessary data points
  • Streamlining the waiting time by automating all requests, items of documentation, and resolutions
  • Incorporating a “Dispute or Not” (DoN) AI-assisted predictive scoring model, which interprets the data and standardizes the entire process

In addition, BDP features real-time reporting, batch processing, fraud monitoring, and employs proprietary tools to ensure that it integrates seamlessly within the banking ecosystem by working in tandem with Visa® and Mastercard®schemes.

“Finscend will save banks and consumers from the ongoing pain they currently experience in the dispute process,” said Finscend CEO Aaron Lazor. “Cardholders will now be confident that if they ever fall victim to fraud or scams, it will be easier to raise a dispute and receive a chargeback,” he adds. “Finscend has identified and simplified the dispute resolution bottleneck and the platform will become even more crucial in the years ahead as transactions become increasingly cashless.”

 

SOURCE Finscend

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Mercari Opens Cambridge Engineering Offices

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Mercari, The Selling App, today announced the opening of engineering offices in Cambridge, MA, advised by two renowned professors at the adjacent Massachusetts Institute of Technology (MIT).

Mercari is the number-one marketplace in Japan. Since entering the U.S. in 2014, more than 45 million Americans have downloaded the app.

At the moment, Mercari’s team in Cambridge is focused on better understanding sellers and buyers, and predicting their intentions ahead of their actions. This helps Mercari deliver a more personalized experience using its recommendation engine. The team is applying machine learning on massive amounts of data to better personalize the user experience based on their preferences, history and interactions.

More broadly, this team is pursuing applied research projects in machine learning, computer vision and other emerging technologies that can help Mercari to make selling even easier than buying.

“Opening the Mercari engineering offices in Cambridge is an important addition to our global technology centers in Palo Alto and Tokyo,” said Dr. Mok Oh, chief technology officer for Mercari U.S. “The expectations of Mercari sellers and buyers are always evolving, so it’s vital that we harness emerging technologies to continuously improve our app and services.”

Advising the team are Dr. Frédo Durand and Dr. Wojciech Matusik of MIT.

Dr. Frédo Durand is a renowned researcher and professor in computer vision and computational photography. He is a professor of Electrical Engineering and Computer Science at MIT, and a member of MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL).

Dr. Wojciech Matusik is widely-recognized professor and entrepreneur in machine learning, 3D vision, and 3D fabrications. He is a professor of Electrical Engineering and Computer Science at the Computer Science and Artificial Intelligence Laboratory (CSAIL) at MIT, where co-directs the Computer Graphics Group and teaches machine learning courses

Mercari is looking for talented people to join its technology teams in Palo Alto and Cambridge. A list of all current U.S. openings is here.

 

SOURCE Mercari

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Aiozium Launched SaaS-based Marketing Intelligence Tool Powered by AI

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Aiozium, a new launch of Crowdnik Networks Private Limited, is a SaaS-based platform for marketers powered by machine learning techniques in a different way. The tool has intelligence for self-correction and self-learning for better campaign optimization and high ROI.

Aiozium is a multi-dimensional platform that not only reads the data, makes sense of all the data and generate actionable insights on them, but also gives the real-time information about customer behavior. It builds the trend of the customers based on a various emotional and behavioral algorithm which leads to prediction and results in an increase of leads by selecting the best marketing mix and marketing strategies for optimum use of resources which results in greater ROI.

Reason Why Every Marketer Needs Aiozium

Aiozium is marketing ally, it is a tool for all the marketers which makes life simpler and completes the customer journey with ease.

– Emotional Algo: It is said that the only difference between Robot and Human is the emotions or the feel factor. Emotional algo consists of human psychological ethos. It analyses the behavior basis on different kinds of emotions exhibited by humans. It helps in analyzing the marketing communications, activities and asses their value. It also measures and analyses the emotions of a person towards buying the product.

– Contextual Algo: It analyses the content across various channels viz. website, email and all communication platforms based on multiple parameters such as aggression, transaction, emotion etc. It also analyses whether the user is persuaded with the interaction or not, basis on which it predicts the usefulness of the content.

– Behavior Algo: Based on historical and real-time customer behavior across all channels with prospective data listening mechanism, this model can learn, react and predict the most accurate customer flow for maximum conversion. It predicts the probability of the rate of conversion through Machine Learning, Deep learning, Natural Language processing and Augmented Visualization.

How Is It Going To Benefit The End-users:

On-boarding with Aiozium will reduce the marketing expenses by cutting down the misspend funds and optimizing the campaign to increase the ROI. It remembers and recollects the historical hand burns and successful campaigns and accordingly suggests marketers the most accurate pathway to follow. It also learns the customer behavior towards marketer’s product line. The best part of Aiozium is that it works across channels and sync with all the digital assets in a single click.

Automate, Sit Back and Relax

Aiozium is inviting the industry experts to have a test drive on their AI Marketing Ally. To book a slot, schedule a demo at https://www.aiozium.com/demo.html

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Oracle Data Cloud and Reddit Collaborate to Build Brand Safety Solution for Dynamic User-Generated Content

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Oracle Data Cloud today announced a first-of-its-kind collaboration with Reddit to provide new brand safety controls for advertisers around a real-time feed of user-generated content (UGC). Leveraging Oracle’s Contextual Intelligence technology, the integration will provide real-time content review and classification across industry-standard brand safety categories, giving advertisers greater control over where, and around what content, their campaigns run.

“Given the tremendous volume and dynamic nature of content across the Reddit platform, Oracle’s Contextual Intelligence will offer the ideal solution to provide real-time brand safety for Reddit advertisers,” said Kurt Kratchman, Group Vice President for Product Development and International, Oracle Data Cloud. “With Oracle’s Contextual Intelligence deployed across the majority of the addressable footprint of the open web, our collaboration with Reddit serves as a natural extension into the UGC space, as we help advertisers ensure their advertising strengthens their brands.”

User-generated content has historically presented a challenge for brand safety services, as many third-party solutions do not accurately describe or categorize the scope and scale of dynamic content online. Oracle’s Contextual Intelligence integration with Reddit is a solution designed for UGC that looks not only for specific terms but also for the context in which they are used, to help advertisers place their ads in safe and brand-appropriate contexts on the Reddit platform.

“Among Reddit’s strongest propositions for advertisers is the depth and authenticity of conversations across thousands of interest-based communities,” said Jen Wong, Reddit’s Chief Operating Officer. “Our current approach to brand safety includes effective moderation at the platform, community and campaign levels, and we’re thrilled to leverage Oracle’s Contextual Intelligence to offer yet another layer of brand safety that’s 3rd-party verified and customized for Reddit’s engagement. Our work with Oracle will be the first time a UGC platform has embarked on a verified brand safety solution for custom feeds, and we’re excited to evolve the product and relationship to meet the demands of the market.”

 

SOURCE Oracle

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