Slice is a leading fintech focused on India's youngsters. They are redesigning the financial experience for millennials through their BNPL Card product. Their Card is positioned as a credit card challenger in India.

The Problem

Slice was facing challenges not only with reconciliations but also with Disputes and cashbacks arising from their daily card operations.

Reconciliation

Slice was relying on multiple spreadsheets and macros to reconcile and settle transactions but within a few months, it became extremely challenging to reconcile and settle transactions using spreadsheets as the volumes started increasing. Some of the key variables which made the reconciliation process complex are listed below:

• Need for multi-way reconciliation
• No single unique identifier across files - multiple fields within the spreadsheets were combined to create unique identifiers
• High reversals and refunds

Disputes

As part of credit card operations, whenever a customer was raising a dispute for a particular transaction, Slice was following an extensive dispute resolution process involving multiple internal and external stakeholders to resolve them. However, systematically keeping a track on every dispute and coordinating with multiple stakeholders was proving to be a nightmare for the Customer Experience team at Slice. At times, the disputes were not resolved in the promised time and this affected the customer experience. Some of the key factors which made the dispute resolution process complex are listed below:

• Coordinating with multiple internal/external stakeholders
• Multiple appeals can be raised for the same dispute if the customer is not satisfied with the resolution
• Accounting for advance refunds issued to customers before the dispute was formally resolved

Discount / Cashback

Slice was offering discounts and cashback on multiple platforms if the payment was made using Slice Card. However, some of these platforms didn’t have bin locking and hence, customers could avail the ongoing offer using a non-slice card as well. It was becoming increasingly difficult for the finance team at Slice to track such transactions in the final settlement report shared by different platforms. As a result, Slice had to bear the promotional cost for some transactions which were made using a non-Slice card also. Some of the key factors which made the discount/cashback settlement process complex are listed below:

• Bin locking was not implemented in some of the platforms
• A large number of merchants/platforms on which promotion was running
• Huge transaction volume

The Solution

Osfin.ai streamlined all three processes i.e. reconciliation, dispute management and cashback settlement with its turnkey platform. The finance, Card Ops and Customer experience team at Slice could finish the entire reconciliation and dispute management process on the platform within a few minutes without worrying about transaction volume. Additionally, the team had complete visibility for each transaction and could easily retrieve transaction level data from the platform

With Osfin.ai, the reconciliation process became extremely accurate and any manual edits on the data were tracked and required approval. This enabled the finance team to add necessary controls in the process and thereby build integrity around the financial data and processes. This also helped the team to keep their books clean at all times and also improved reporting with internal and external stakeholders.

The Result

The company's day-to-day activities and internal procedures have undergone tremendous development. The organization as a whole went through a transition from a procedure that was time-consuming and complicated to one that was straightforward and effective. Let's take a look at some of the major advancements: