What can we learn from CFPB's Annual Report for 2023 The Consumer Financial Protection Bureau has released its annual report analyzing complaints submitted by consumers in 2023. The report highlights trends found among more than 1.3 million complaints, which the Bureau sent to more than 3,400 companies for review and response. Major findings include: - A continued increase
Credit union Complaints Credit Unions provide depository and lending services to members of a specific community. The industry experienced growth through the end of 2022 from increased membership and rising interest rates. As macroeconomic conditions improved through 2019, credit unions significantly benefited from increased consumer borrowing as interest rates rose alongside borrowing activity.
CFPB Insights Cognitive View's CFPB Insights is an independent service that provides insights from CFPB's historical complaints data that is publicly available. CFPB Insights allows firms to learn and understand past complaint patterns and CFPB's resolution approaches. In addition, it provides actionable insights to support the
Compliance monitoring in conveyancing Conveyancing is the legal process of transferring property (flats, houses, business premises) or land from one owner to another. A licensed conveyancer performs all the legal and administrative roles in this buying and selling process, from taking a client's initial instruction to exchanging contracts and completing the transaction.
Dispute Resolution Analysis The General Insurance Code Governance Committee (CGC), Australia, has recently completed a Thematic Inquiry into Making Better Claims Decisions. Here are some of the key recommendations as a result of this inquiry. 1. Identify themes in the data that may explain trends in complaints about denied claims. 2. Improve processes
Complaints Co-pilot At Cognitive View, our vision is to enable companies to restore customer trust by creating a customer-centric culture while improving compliance and reducing conduct risk. Developing an excellent complaint resolution team is crucial in handling customer complaints fairly and promptly to reduce conduct risk. Handling extensive customer complaints can be
AI-driven complaint resolution Cognitive View has taken a significant undertaking to support Generative AI capabilities. As a first step in a series of early releases, we launch several features around customer complaints. Generative AI is a subfield of artificial intelligence that allows computers to generate new content based on existing data. By training
Top considerations for voice analytics Key considerations when adopting a voice analytic system for compliance Selecting voice analytic systems for compliance requires a better understanding of compliance and risk, future risk management trends, and how technologies like AI & Automation that can support a successful risk transformation program. Many voice analytical systems are limited to
5-steps to automate the supervision process A step-by-step guide for automating the supervision process for monitoring compliance and customer experience. * Are you ready to automate your manual compliance monitoring? * Does your current supervision involves manual listening of hours of calls and reviewing communication logs? * Have you received a regulatory investigation request for a significant compliance breach
Conduct risk factors There are three inherent factors which are: * Information asymmetries: The situation occurs when one of the two, i.e., sellers and customers, have more or less knowledge regarding the product. Mostly the sellers try to hide information in front of the customers, which results in a lack of symmetry. * Biases,
Front-office Control Challenges The front office or first line of defense has been increasingly assuming overwhelming importance in the organizational structure. It is, therefore, not a surprise that a dedicated front-office control function is now standard practice for firms to enhance the ability to manage non-financial risks. In this regard, firms have been
Hybrid Work Environment Supervision It is by now evident that the protracted effects of the Covid-19 pandemic on the workforce lifestyles and patterns across the world aren’t in a crisis management stage anymore — they are here to stay. Ever since the virus gained its ‘pandemic’ status, organizations worldwide forced to shift their workforces
ASIC hawking reforms The ASIC (Australian Securities and Investments Commission) has updated its regulatory guidance on the prohibition of hawking financial products in the country. The regulatory guide (RG 38) portrays the changes in the anti-hawking system under the Financial Sector Reform 2020, commencing on the 5th of October, 2021. It also clarifies
FCA guidelines for remote work With the onset of the Covid-19 pandemic, businesses were forced to embrace remote working almost instantly without any scope to prior preparations. Now, as the economy recovers, more people are sticking to flexible work schedules. The Financial Conduct Authority (FCA) of the United Kingdom has now issued guidelines to firms
Compliance monitoring in remote work Remote work is gaining momentum across the world. It’s difficult to say how many companies have adopted remote work since the pandemic crisis began, but Gartner researchers provide some insight in one of their recent surveys. There are several advantages to adopting remote working, but the process has its
IBM Cloud for Financial Services Melbourne, Australia –01 February 2022 – Cognitive View, a communication monitoring platform, today announced it has joined IBM’s (NYSE: IBM) growing ecosystem of more than 125 Global Systems Integrators (GSIs), Independent Software Vendors (ISVs), SaaS providers, and FinTechs supporting the IBM Cloud for Financial Services. The IBM Cloud Framework for
Continuous controls Monitoring Continuous control monitoring (CCM) is a technology-based solution for constantly monitoring processes and leveraging sample-based testing methods for more cost-effective monitoring. CCM lowers audit costs by continuously monitoring transactional systems. A simple Control Monitoring isn’t enough to keep things under control. In a digital world, the control environments can
Customer advocacy strategies Customers not only make buying decisions as a result of what they hear from others but share those stories more widely when they have a positive experience with a brand. When a brand gets the strategy right, in creating a good complaints experience, it leads to a more robust and
Benefits of risk automation It is no secret that the Australian banking and insurance sector is taking a beating for gross misconduct and malpractices recorded and reported by customers across financial platforms, amounting to significant losses on the consumer’s side. In the wake of the investigation by the Royal Commission into Misconduct in
Obligation management in banking The Banking Code Compliance Committee (BCCC), Australia has conducted an inquiry between July and October 2019 into Code subscribing banks’ (banks) transition to the new 2019 Banking Code of Practice (the Code) to confirm whether banks have taken appropriate steps to ensure compliance with the Code. The objective of the
Support for distribution partners To support an effective product governance arrangements product issuers and distributors need to implement and maintain robust and effective product governance arrangements. A distributor must understand the financial products it distributes to customers, assess the compatibility of the financial products with the customers’ needs to whom it distributes, consider the
Delays in insurance claims Royal Commission’s final report recommended that insurance claims handling should not be excluded from the definition of ‘financial services’, reflected issues arising from a number of case studies examined. In general insurance, as demonstrated by several case studies, poor conduct included: * Failing to handle claims in a fair and
Customer expectations in claims processing Previously, claims handling and settling services for insurance products were excluded from the definition of a ‘financial service’. This exclusion was removed as part of the Government’s response to the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. From 1 January
ASIC RG 274 ASIC released Regulatory Guide 274 Product design and distribution obligations (RG 274) for issuers and distributors of financial products that must comply with the design and distribution obligations. The changes will significantly alter the way financial products are formed, marketed, and promoted, with the commencement of the new laws scheduled
