Pain-Free Litigation: Keeping the Member Experience in Focus


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It’s easy for credit unions to get a little lost in the weeds when it comes to fighting fraud and meeting member needs – especially in a rapidly changing world. BHMI and the Mercator Advisory Group estimate Litigation and chargeback volume in the United States is expected to reach 33 million by 2022, creating an urgent need for credit unions to contain the tide of fraud while providing a seamless and painless experience for members.

Coop financial services Senior Vice President, Protect Solution Line Ajay Guru told PYMNTS in a recent conversation that the mindset of credit unions must be broad and comprehensive when it comes to fighting fraud. Credit unions need tools and technologies that help them manage fraud effectively and continue to delight their members with related processes such as managing their disputes and chargebacks more effectively.

“When we talk about disputes … the opportunity here is, how do you enable credit unions to truly use the litigation and chargeback process to improve the member experience?” Said Guru.

It’s not just what a credit union does, Guru said, but how it does it and how quickly it can respond to the concerns of its members that really determines how much confidence these members have in it. get their credit union “back” and engaged. not only to solve whatever the problem is, but to make the member’s experience as positive as possible on the road to resolution.

While the pandemic has exacerbated the challenge of resolving disputes – and this has certainly added to the level of urgency for credit unions to deal with it, he noted – COVID-19 has not. fully created. The challenge and opportunity of digitization predates the pandemic and will outlive it. The challenge for credit unions, in particular, in adapting to this digitizing world will be to find and resolve the disparate manual processes and inefficiencies that have existed so far in their dispute management processes. The pandemic, for all the pain it has caused, has also given credit unions across the country an opportunity to “really take a look at these processes and find ways to improve them,” he said.

What this improvement will look like and how it will take shape is still a work in progress for credit unions nationwide and likely will not be the same for all institutions. And that, Guru noted, is not a flaw but a feature of the credit union system – because credit unions are designed around the principle of member service, which means that the characteristics that credit unions choose to use should be a direct consequence of the needs of the members.

“There is a great opportunity here. The backdrop for this opportunity ultimately lies within the credit unions. It is in their best interest “to make sure that they do everything possible to ensure that members continue to have confidence in their cards,” he said.

An opportunity, and also at this stage, a mandate to achieve it, he said. The pandemic has been a massive ordeal in many ways for the credit unions CO-OP serves, he noted.

“This spike in volume… due to the growth of e-commerce, has really tested the limits of what credit unions have in terms of dispute-handling systems and capabilities,” Guru said.

Now is the time for credit unions to turn to the tools needed to make this digital transition as smooth and secure as possible – and for CO-OP to create the support needed to make this happen for their credit union clients. and their members.

Because, said Guru, the great digital shift is not going away and fraudsters are suddenly not going to regain their conscience and flee the segment. But the tools to fight scammers are getting better, smarter and faster, as are litigation and chargeback processes.

“We have invested heavily in addressing these issues and in answering the question of what CO-OP can do to help credit unions seize this opportunity and challenge,” said Guru.

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NEW PYMNTS STUDY: SUBSCRIPTION TRADE CONVERSION INDEX – APRIL 2021

About the study: A third of consumers who signed up for subscription services in the past year were just there for the free trial. In the 2021 Subscription Commerce Conversion Index, PYMNTS surveys 2,022 U.S. consumers and analyzes more than 200 subscription commerce providers to focus on the key features that turn ‘subscription curious’ into persistent, long-term subscribers. term.





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