by Fintech News Singapore
January 25, 2024
ServiceNow, a provider of digital workflow services, has recently broadened its partnership with both EY and Visa, focusing on AI-driven compliance solutions and the transformation of payment services. These collaborations mark another noteworthy step in the integration of advanced AI technologies in compliance and financial services.
ServiceNow Gen AI to help EY risk management
The alliance with EY involves ServiceNow offering solutions in generative AI (Gen AI) for compliance, governance, and risk management. EY intends to utilise ServiceNow’s Now Assist Gen AI capabilities to enhance the professional experiences of its staff and clients.
These AI-based solutions are designed to strengthen EY’s use of ServiceNow risk management offerings, with emphasis on ethical, transparent, and accountable business conduct.
The EY AI Governance and Compliance solution, a part of this initiative, provides businesses with tools for managing AI, including discovery, policy management, risk assessment, and automated monitoring. These services are anticipated to be available in the first quarter of 2024.
Bill McDermott
According to Bill McDermott, the chairman and chief executive officer at ServiceNow,
“Gen AI has inspired the imagination. EY is shoulder-to-shoulder with ServiceNow to take costs out, put productivity in, and accelerate growth for our customers.
“Our partnership will enable the adoption of Gen AI on the ServiceNow platform at unprecedented speed,”
he went on.
AI-powered dispute investigations and resolution
In a parallel development, ServiceNow’s extended partnership with Visa includes the launch of ServiceNow Disputes Management, Built with Visa. This solution aims to simplify dispute resolution processes, enabling better interactions between employees and cardholders.
According to the companies, ServiceNow Disputes Management combines ServiceNow’s AI-first platform and Financial Services Operations solution with Visa’s technological expertise. The system is designed to unify the dispute management process and includes features like dashboards, automation, and transaction auditing.
Visa’s role in this partnership is significant, with its technology helping to prevent an estimated $30 billion in fraud yearly for consumers and small businesses. ServiceNow Disputes Management, Built with Visa, intends to enhance this fraud prevention capability.
It includes a user-friendly platform and AI-powered features to improve customer service and agent investigations, as well as adapting to changes in dispute rules and industry best practices.
John Ball
Speaking on the collaboration with Visa, ServiceNow Senior Vice President and General Manager, Customer and Industry Workflows, John Ball said that,
“By making Visa’s services available through ServiceNow’s intelligent, AI-first platform, we’re powering innovation and setting a new standard in the payments industry.”