We’ve all been in this situation: an unrecognizable credit card transaction, no additional information about the merchant in the Online Banking page, resulting in a call to the Customer Contact Centre.
ClearCharge gives customers rich, valuable merchant information right away. Translate ambiguous merchant descriptions into clear segmented merchant names with categorized, detailed information.
ClearCharge integrates with your online banking platform to provide customers with real-time access to clear merchant names. Customers “self-serve” online, reducing the need to visit a Branch or call the Contact Centre to resolve.
The ClearCharge data engine provides your team with a tool to quickly and accurately address calls regarding ambiguous transactions and dispute resolutions.
We apply multiple transformations on vague and incomplete transaction descriptions in order to generate several search candidates to be used in the search process.
The ClearCharge Search Engine aggregates up-to-date merchant information from many sources including merchant directories, proprietary inference models, as well as online and social media data.
Once search candidates are fed to the ClearCharge platform, a set of results are returned that are ranked by our proprietary Confidence Score.
Feedback provided by users over time impacts the Confidence Score through a collaborative feedback algorithm which also allows identifying potentially fraudulent merchants.
Contact Centre agents field inbound support calls related to unrecognizable charges every year, a large percentage of which are false positives which require dispute handling. ClearCharge reduces the volume of calls as well as the average talk time for these call types; assist in SLA & first call resolutions and could eliminate all related calls due to unrecognized merchants. We estimate that organizations can achieve cost reduction efficiencies of up to 400% (using a cost for a mobile/online interaction at 10 cents, compared with an in branch or call-centre interaction cost at $4).
Powering your online and mobile banking applications with clear merchant details will allow the bank to fulfill its commitment to Customer Centricity and ensure opportunities for customers to become NPS Promoters of the Bank.
With the ClearCharge User Feedback and Data Aggregation features, Banks and Credit Unions will be able to experience quicker and more accurate identification of merchant locations for fraud review activities, as well as see trending merchant locations with higher reported fraud rates.