Enhancing Customer Experience for Payment Processors with Gen AI

Each time we make a UPI payment, imagining a time without them becomes harder. From small, everyday expenses & peer-to-peer transactions, to significant purchases, digital payments have made finance accessible to everyone.

According to ET, the average daily UPI transaction volume is a significant Rs 65,966 crore.
However, there’s room for improvement in the customer experience (CX) of payment processing.

Customer Experience for Payment Processors

Challenges in Payment Processor CX

As financial transactions move online, ensuring a smooth and secure experience is crucial. The single biggest challenge in this pursuit is transaction failures.

Transaction Failures

According to PayU, most merchants experience or can only hope for an 85% approval rate given bank servers, and poor connectivity. That means 15 in every 100 customers experience payment failures, often leading to frustration.

While many studies indicate varying numbers, on average, 40% of such customers churn after experiencing multiple payment failures.

Friendly Fraud

A chargeback occurs when a payment is returned to a debit or credit card after a customer disputes a transaction.

When a customer disputes a transaction despite the payment being successful & the product/service being delivered, it’s called a ‘friendly fraud’ chargeback.

According to Hiver, $132 billion is lost annually to such friendly fraud chargebacks, taking a toll on merchants & payment processors alike.

Lack of Self-Service Options

As younger demographics adopt digital payments as their go-to mode of payment, the propensity to want to resolve issues & discover information via self-service also increases.

Customers do not want to wait for emails, chat responses, or even agent callbacks, because their finances are at stake.

Empowering Payments Experience with Kapture

So, how does a payments enterprise engage customers rapidly, across channels, and deliver personalized solutions to maximize customer satisfaction?

Kapture’s verticalized LLMs & Gen AI-powered CX ecosystem have you covered.

Here are 4 key facets of Kapture’s CX solutions that enable a seamless CX for your borrowers:

1. Omni-Channel Experience

Kapture’s unified platform consolidates all communication channels, enabling seamless bilateral interactions between customers, payment gateways, and merchants. This ensures consistency and accessibility across touchpoints, fostering enhanced satisfaction and loyalty.

2. Gen AI-powered Self-Serve, Bots & Agent Assistance

Kapture empowers customers to find information, initiate transactions, and resolve queries independently by deploying dynamic FAQs, intelligent self-service solutions, and chatbots, powered by Gen AI. This enhances efficiency and responsiveness in customer support, leading to improved CX.

3. Personalization with Customer 360

Kapture’s comprehensive customer data management capabilities enable payment gateways to personalize offers & interactions based on individual preferences & behavior, and historical context. This facilitates anticipatory engagement, tailored recommendations, and enhanced customer loyalty.

4. Auto QA, NPS & Insights

Automated quality assurance processes and NPS surveys facilitated by Kapture enable payment gateways to monitor service quality, gather actionable insights, and continuously enhance CX effectiveness. This ensures consistency and adherence to service standards across customer interactions.

Mastering Online Dispute Resolution with Kapture

In addition to revolutionizing CX, Kapture plays a pivotal role in facilitating Online Dispute Resolution (ODR) for payment-related disputes. Though each financial institution that requires an ODR system under RBI guidelines, has developed one, the efficiency & efficacy differ.

Kapture understands the BFSI & Payments ecosystem, enabling a superior ODR & CX experience for customers – ours & yours.

Here’s how Kapture influences ODR –

1 . Centralized Case Management: Kapture centralizes case management, allowing payment gateways to efficiently track and manage dispute resolution processes from initiation to resolution. Kapture’s Auto-Tag feature also streamlines cases according to the nature of disputes.

2. Document Management: Kapture enables secure storage and retrieval of relevant documents, facilitating evidence submission and review during dispute resolution proceedings.

3. Collaborative Communication: Kapture streamlines communication channels between parties involved in the dispute, ensuring transparency and efficiency throughout the resolution process.

4. Agent Assistance: With GenAI-powered, verticalized LLMs, Kapture delivers a superior customer interaction experience, helping agents augment their replies, craft personalized responses, and offer better resolutions.

5. Analytics and Reporting: Kapture’s analytics and reporting capabilities provide valuable insights into dispute resolution trends, enabling lending institutions to optimize processes and mitigate future disputes effectively.

By harnessing the power of CX innovation, addressing persistent challenges, and leveraging Kapture’s advanced capabilities in dispute resolution, payment enterprises can elevate their service standards, build trust with customers, and drive sustainable growth in the digital lending landscape.

If you’d like to leverage verticalized-LLM-based GenAI to revolutionize your customers experience, talk to us today!

Start Your CX Transformation Journey Today

Join the 1000+ Enterprises that chose to transform their CX with AI-powered intelligent automation.