BFSI

Transform CX, cut operating cost for one of the world’s largest payment processers with over 300 million transactions a day

Challenges
The financial services client’s transactions included variations in provider names (vendors, suppliers, and service providers). The user paying to the provider will often request clarification on the provider’s name to identify them, failing which the charges are disputed, incurring additional costs. It was not practical to ask all the tens and millions of providers to standardize their names and keep our client updated on future changes.
Solutions
Designed a ‘company name standardization’ solution with an ML-based ETL pipeline solution to scale for comprehensive data coverage with reasonable accuracy but adaptable to real-world changes in data. Integrated to existing rule-based solution to enhance the accuracy to 95%. Brought external data to identify non-intuitive changes in name resulting from M&A and improve the overall performance on company name standardization.
Outcomes
Faster first call resolution
Minimize incorrect charge dispute
Monetize the solution as a service to financial services companies
Faster first call resolution leads to higher user satisfaction and lower cost. Minimize incorrect charge dispute and related cost of processing and loss. Monetize the solution as a service to other financial services companies and continue to learn continuously with more data.