Salesforce Launches AI Tools for Banks to Resolve Transaction Disputes

Customer relationship management (CRM) software giant Salesforce has launched new AI capabilities to help banks handle transaction disputes more quickly and efficiently. 

The capabilities, which include Transaction Dispute Management and Einstein Copilot Banking Actions, combine transaction data from banking platforms with customer data from Salesforce to automate manual tasks, reduce errors, resolve issues, and improve customer communications, all from a single platform.  

Salesforce said it rolled out this new feature as the surge in digital payments and online shopping has led to a rise in customer chargebacks. Citing research from Sift, the company said Americans disputed $83 billion in charges last year and that the cost of handling disputes rose 16% compared to 2022.

The new Transaction Dispute Management feature aims to help bank service agents streamline the entire dispute management cycle and enabling transparent communication with customers, card networks, merchants and issuer banks.

Einstein Copilot Banking Actions is a conversational AI assistant for CRM, that helps bank service agents ask questions and receive “trusted, relevant” responses and also automate tasks in the workflow.

“The current process for managing transaction disputes is complex and cumbersome, leading to decreased productivity for bank service agents,” said Eran Agrios, Senior Vice President and General Manager for Financial Services, Salesforce.

“These new capabilities simplify and streamline the entire transaction dispute cycle, enabling banks to deliver exceptional customer experiences and drive innovation across their business.”

Salesforce added that while the Transaction Dispute Management feature is now generally available to customers, Einstein Copilot Banking Actions will be available in fall 2024.