BMO Turns to Agentic AI to Resolve Card Issues

BMO is rolling out a new 'agentic' AI tool to help its customer service teams resolve credit card transaction disputes and issues faster. Unlike basic chatbots that just provide information, this AI agent can navigate complex internal systems to find answers for bank employees while they are on the phone with customers. For retailers and merchants offering BMO-backed credit products, this is a positive development for customer retention. When a customer has a billing error or a transaction dispute, the speed of resolution often determines whether they will keep using that line of credit. This move signals a shift in how major lenders handle back-office operations. By automating the data-gathering process, BMO aims to reduce hold times and improve the accuracy of dispute resolutions. For your business, this means your customers may experience less friction when dealing with card issues, potentially leading to fewer abandoned accounts and higher long-term satisfaction with their financing options. As more lenders adopt these tools, the expectation for instant customer service in the financing space will likely become the new industry standard.

Source: PYMNTS

← Return to the library· Submit a correction