RegTech100 company Cognitive View has launched a new service that provides insights on the Australian Financial Complaints Authority’s historical complaint management data.
The idea is that by tapping into the AFCA Insights tool, firms can better understand complaints and avoid falling foul of them.
Cognitive View’s new solution comes as the Australian Securities & Investments Commission RG 165 rules sets out how financial firms that are required to comply with internal dispute resolution requirements can meet their obligations.
These rules force financial firms to implement a dispute resolution system that consists of internal dispute resolution procedures that meet the standards or requirements made or approved by ASIC.
Moreover, they must also have a membership of the AFCA’s external dispute resolution schemes.
Both internal and external dispute resolution frameworks combined provides access to redress for many tens of thousands of Australian consumers, small businesses and superannuation fund members who have a complaint against a financial firm.
“Firms need to review their complaints data and analyze the root causes routinely – not only on a case by case basis but also observing the general trend to identify any systemic issues,” Cognitive View explained. “Besides the firm’s internal complaints data, having a better understanding of industry trends provides an opportunity to learn from others and optimize existing people, processes, and products to prevent similar complaints.”
And that’s where the new AFCA Insights tool comes in by providing insights about similar complaint determinations, understanding AFCA’s findings, issues, and approach to resolution.
The solution looks into AFCA’s decisions making approaches and provides actionable insights to support the exiting internal dispute resolution processes and respond efficiently for AFCA’s lodged complaints.
The new service is built by leveraging public AFCA data and is continuously updated. AFCA Insights is offered on a software-as-a-service model with a subscription-based pricing.
Cognitive View was named on FinTech Global’s RegTech100 list of the 100 most innovative companies in the sector.
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