What is AFCA Insights

What is AFCA Insights

Cognitive View’s AFCA Insights is an independent service that provides insights from AFCA’s historical complaint management data. This allows firms to learn and get a deeper understanding of past and emerging complaint patterns, AFCA’s decisions making approaches, and actionable insights to support the exiting IDR processes and respond efficiently for AFCA’s lodged complaints.

This service is built leveraging the AFCA’s existing publicly available information but continuously updated to keep up to date. This is a self-service, Insights-as-a-Service to assist you in data-driven decision making.

ASIC’s RG 271, sets out how financial firms that are required to comply with IDR requirements can meet their obligations. Financial firms must have a dispute resolution system that consists of:

  • internal dispute resolution (IDR) procedures that meet the standards or requirements made or approved by ASIC; and
  • membership of the Australian Financial Complaints Authority (EDR) schemes

Both IDR and external dispute resolution (EDR) framework 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. 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.

It offers three key sets of capabilities and more.

  • Case insights is an AI-based capability that allows companies to learn from similar complaint determinations, understanding AFCA’s findings, issues, and approach to resolution. The case insights assist in resolving a specific complaint. Case insights use natural language processing and analytics technology to uncover AFCA’s previous determinations and retrieves specific answers to your questions.
  • Trend analytics provides past and emerging complaint patterns, compliance issues, industry trends. It helps in building the right complaint resolution foundation and to address any systemic issues.
  • Actionable insights provide a set of recommendations based on the gaps found and general observations from the complaint cases. It gives the necessary guidance for a variety of business stakeholders to act.

AFCA insights save a massive amount of time and cost in complaint resolution by rapid analysis of AFCA’s previous determinations. It also provides an opportunity for firms to learn from AFCA’s fairness framework and real case examples.

It offers to reflect on internal business processes, identify any systemic issues, and meet the compliance requirements required for the Industry code of conduct and Corporations act.