Introduction:
We started working with this large, well-known Australian Bank (bank name kept confidential) in September 2020. With over $7 billion in assets, and some 500 staff across 52 branches, the bank is committed to helping its 200,000+ members achieve their financial goals.
The bank had an old system capturing complaints - but it wasn't RG 271 complaint. It had a basic process but did not enforce ASIC RG 271 compliance requirements.
That potentially left the bank exposed to the risk of non-compliance to this legally enforceable regulatory guideline.
Whilst there was an option to keep this old system and throw more manual effort into running reports, cleaning up data, and fixing issues, management felt this approach would be too time-consuming and would not reduce the risk of non-compliance by a materially significant level.
Problem:
The problem was having an old Complaints system that was not ASIC RG 271 complaint. Plus, the system had limited reporting, and could not provide a single bank-wide view of the member voice.
The bank realised that it was too costly and not practical to make the old system ASIC RG 271 complaint.
Solution:
Complaints Pro for Banking has ASIC RG 271 features out of the box, it requires limited
IT department involvement as no software had to be installed on each user's computer.
The IT team was involved in performing security testing and verification which is
standard practice and Complaints Pro for Banking passed with flying colours. A key
requirement was that Complaints Pro for Banking be hosted and backed up in Australia.
Not only is Complaints Pro for Banking the only ASIC RG 271-complaint Complaints system hosted in Australia, but it's also the only solution with built-in AFCA EDR processes, quality reviews, and systemic Issue alerts.
Results:
1. 100 % confidence in RG 271 compliance
Regardless of whether complaints are closed on the first point of contact escalated to the branch managers and closed in 5 business days or escalated to member relations and closed out within the maximum IDR time frame in RG 271, we are confident that we are compliant with the complex and ever-changing ASIC RG 271 rules.
2. Intuitive screens - save time
Managing complaints has been simplified because the capture wizard doesn't let you make mistakes. So there are no errors to fix, the frontline just follows the simple steps and gets it right the first time.
3. AFCA processes built-in
Staying on top of AFCA processes whilst adhering to the ASIC IDR obligations is not easy.
Complaints Pro for Banking has seamlessly merged IDR and EDR processes to make it simple
to see exactly where a Complaint is at.
4. Customised to the company
Complaints Pro for Banking was easily modified to include key fields and workflows they needed to handle collections and privacy-related complaints.
5. Integrated into bank's core banking/CRM
Complaints Pro for Banking integrates with the member master to ensure there is no double handling of member details.
6. Email management made simple
You can send secure emails directly from a Complaint, receive emails from members, and simply drag and drop emails from Outlook straight onto the Complaint.
7. Reminders, templates, and internal reporting
Complaints Pro for Banking makes your life easy with reminders that prompt staff to close out a Complaint before the IDR time frame so you never breach RG 271.
Email templates for acknowledgment, delay notification, and final response make it easy for staff to communicate consistently and professionally. The Reason Code hierarchy provides insights that you couldn't get before.
Speak To An RG 271 Expert
In a quick conversation, we'll discuss your approach to managing RG 271, show you how that compares to other similar Financial Services companies, and demonstrate how Complaints Pro will streamline your processes.
