The COVID-19 pandemic has some interesting consequences for the financial sector. A surge in Visa card disputes was not on many people’s bingo cards, but it is a pressing issue. Nationwide Building Society received so many requests they had to deploy new technology to streamline the card dispute process.
More Visa Card Disputes
It is intriguing to see how COVID-19 impacts people and their financial habits. Looking beyond rising prices and a growing lack of money to make ends meet, there is a substantial increase in Visa card disputes. More specifically, that increase primarily affects Nationwide Building Society. The institution notes a 251% increase in these card disputes, forcing the company to deploy Pegasystems technology.
Through Pega Smart Dispute for Issuers, Nationwide can increase agent performance and customer satisfaction. There is nothing more annoying than filing a card dispute and waiting weeks or months for a resolution. The net software will streamline the Visa card dispute process for Nationwide. There is a strong decrease in systems required during the process and a 15% improvement in processing time.
Nationwide Building Society Payment CIO Martin Watkin adds:
“We have now successfully completed thousands of consumer Visa dispute claims and have finally been able to retire our legacy forms system. With this digital transformation, our member-facing colleagues are able to consistently deliver an excellent experience simply and straightforwardly that is also hassle-free for colleagues in operational areas.”
Nationwide has not alluded to what has caused this surge in Visa card disputes. It coincides with the COVID-19 pandemic, but there is no mention of fraudulent purchases or other nefarious activities. The mutual noted increasing pressure on branch staff and contact centers, warranting a radical overhaul of its systems.