Indian banking and payment services provider, NPST, has announced it has secured a contract for its Online Dispute Resolution (ODR) solution from DCB Bank. DCB Bank will implement NPST’s Online Dispute Resolution (ODR) to streamline customer complaint addressal, enhance efficiency and rationalise operational and compliance costs.
In today’s payments ecosystem marked by multiple digital channels and growing transaction volumes, efficient dispute management processes are an integral component of payment processing capabilities. Transactional disputes, including failed or pending payments, can significantly impact customer perceptions of service quality and their overall lifetime value. Moreover, with recent regulatory directives from the Reserve Bank of India tightening timelines for dispute resolution, the pressure on banks to deliver swift resolution for customer complaints, has never been greater.
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DCB Bank hopes to enhance productivity by 30%
NPST’s ODR, a digital platform for prompt remediation of transactional disputes and customer complaints, enables DCB Bank to uphold high standards of customer service and transparency. An omni-channel solution, NPST ODR interfaces with all customer transactional channels, Mobile Banking, Internet Banking, IMPS, UPI, NEFT, and RTGS and provides a centralised system to monitor and address customer disputes efficiently. ODR manages the complete dispute life cycle, enabling DCB Bank to effectively handle issues such as missing or delayed payments and credits.
By adopting an integrated operating model for dispute classification and resolution, DCB Bank stands to benefit from enhanced productivity, potentially up to 30% and more. Additionally, the bank can potentially reduce financial losses and regulatory risks, boosting operational excellence and efficiency.
Deepak Chand Thakur, Co-founder and CEO, NPST, said: “We are delighted to announce the win with DCB Bank, reaffirming our commitment to delivering relevant innovation and sustained value to banks and their customers in the digital payment ecosystem. NPST’s Online Dispute Resolution (ODR) solution aligns with DCB Bank’s customer-centric ethos, ensuring safe and secure payments while fostering loyalty-building interactions and driving productivity and cost savings.”
The solution ingests complaints from the customer’s preferred channel, and provides real-time visibility into dispute status through dashboards, alerts, and an extensive audit trail, reducing the time and stress involved in the dispute process for customers and banks. A modern, low-code platform enables DCB Bank to swiftly update dispute management workflows and incorporate changes in regulatory mandates, ensuring compliance while optimising efficiency and customer satisfaction.
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