The Australian financial services industry has experienced significant change in recent years.
The proposed changes to the ASIC Regulatory Guide 165 (RG 165) have expanded the complaint handling obligations of financial institutions.
At the same time, increasing customer expectations for improved services and digital experiences have sharpened the industry’s focus on accountability and decisiveness when it comes to customer complaint outcomes.
Across the industry, innovations in technology and the importance of data and analytics to inform customer strategy and risk controls are also driving the need for customer-led transformation.
COVID-19 has also impacted the strategic focus of financial institutions and the role they must play to support their customers, the industry and Australia’s economic recovery.
As the industry landscape continues to shift, financial instutions have the opportunity to redesign their complaints function and transform complaints into advocacy.
Requirements introduced as part of ASIC Regulatory Guide 165 (RG 165) and Consultation Paper 311 have been designed to lift standards and improve transparency.
This requires organisations to change systems and processes in order to:
- Capture significantly more data
- Manage to shorter SLAs
- Keep consumers updated across their channel of choice
- Understand and act on systemic issues
In the last 12 months, 3.2 million Australian adults considered making a complaint about a Financial Services firm. Of the 1.5 million consumers who went on to do so, over 80% of them reported a poor experience with lack of visibility of the process, an absence of communication and inadequate resolution details highlighted as the key drivers.
Complaints Management powered by Salesforce
Outdated technology and complex internal tools and processes can pose significant challenges for financial institutions. We understand that these factors impact the complaints function over the lifecycle.
That’s why we are utilising the Salesforce Complaints Management solution to drive clear, actionable insights from the wealth of data collected, to enhance compliance and uplift and deliver improved customer experience.
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Features
- Natural Language Processing helps organisations to quickly and accurately categorise complaints without manual intervention
Voice Analytics applies the same functionality to face-to-face interactions – driving further complaint handling efficiencies, recommending next steps and supporting the capture and reporting of complaints to the regulator
Automated workflows enable teams to action key complaint resolution milestones such as complaint acknowledgment and decision
- Enhanced reporting and dashboard functionality provides visibility of systemic issues and prompts swift action
- Customers access a personalised experience with a journey tailored to suit their unique circumstances
- Data-led recommendations are pushed to staff in real-time to support a full, fair review
- AI-powered analytics identify trends and patterns
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Contact us
Partner, Consulting - Operations Transformation, PwC Australia
Tel: +61 3 8603 2610
