Posts tagged superannuation
Remediation Models In Financial Services Organisations

The ability to identify, scope and remediate customer account errors has become a key regulatory item in financial services. These issues can result in breaches and are thus “non-negotiable” with regulators.

Depending on the scale of remediation events, personnel and funding tends to swell and subside. The deeper you look, the more people involved, the more money you throw at it, the more errors you will find.  

Read More
Post Royal Commission World – Why Is Financial Services Customer Data Prone To Error? 

The Hayne Royal Commission raised a question mark over the quality of customer data held by financial institutions and emphasised that action after the fact via costly data remediation events was not good enough. In a post royal commission world, it is important to know why customer data is so prone to error. 

Read More
Data Remediation Activities Will Not Disappear; Nor Should They

The Hayne Royal Commission rightfully and very publicly raised a question mark over the quality of customer data held by financial institutions. It also highlighted that data remediation – the cleansing, organisation and migrating of data – after costly and often lengthy investigation, warrants greater focus.

Read More
QMV Nominated ‘Superannuation Consultancy Of The Year’ – Super Review

QMV is privileged to be nominated in Super Review’s inaugural Superannuation Consultancy of the Year alongside Deloitte and Rice Warner. The winner will be announced at the  Super Fund of the Year Awards on 15 August 2019.

Read More
What Are The Most Common Data Errors In Financial Institutions?

Customers expect financial institutions to correctly calculate their financial position and to know exactly who they are. No one wants to be at a loss, especially when it is someone else’s fault. A miscalculation, an administrative mistake, lack of insurance coverage, or other errors, can cause customers to feel wronged, robbed, not cared about or even marginalised.

Read More
Data Remediation In Financial Services – Triggers, Execution, Controls And Continuous Improvement

Data remediation activities in financial services will never cease. The best that can be achieved is significantly reducing the frequency and scope of remediations over time. This paper is a brief discussion of the triggers, execution and controls associated with data remediation events and can be applied to superannuation, wealth management, banking and insurance.

Read More
Correcting Past Wrongs – The Gold Standard In Financial Services Data Remediation

Many data remediation programs are only started after an issue being brought to light by a customer or group of customers: often upon investigation, this gives rise to a slew of other issues that may have been impacting thousands of customers across several years.

Read More
Q&A – Tom Seel Reviews Investigate Data Quality Software Tool

Tom Seel is the product lead at QMV and has been involved with Investigate since its inception. He is passionate about data and data-centric projects having been involved in numerous data migration and data remediation projects throughout the superannuation industry.  

Read More
Productivity Commission Recommendation 14: Not-for-profit for all?

The long-awaited Productivity Commission report on its three-year inquiry into competition and efficiency in superannuation has made a curious finding and recommendation that "because super funds are legally obliged to act in members' best interests, the fees they charge should not exceed cost recovery levels."

Read More
Royal Commission: Organisations Best To Check Rear-View Mirror Before Rushing Forward

QMV recently hosted a panel of insurance and superannuation leaders to discuss the path forward post the royal commission. The purpose of the event was to share initiatives and ideas that will drive an industry-wide transformation around people, process and technology.

Read More
Best-Interests Duty Is Not That Complicated

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has thrown some light onto the superannuation sector’s conduct while left alone in the dark with the retirement savings of Australians.

Read More
Take Control To Restore Public Trust In Financial Services

The risks of managing other people's money have been laid bare over the course of the ongoing Royal Commission into Misconduct in the Banking, Superannuation and Financial Services. Taking a closer look at the internal control environment is a sensible place to start rebuilding trust.

Read More
Rebuilding Trust In Financial Services

The path to rebuilding trust with Australians starts now for leaders in the Australian financial services industry. The shift from rhetoric to solutions needs to be swift. In his 2015 book looking back at the global financial crisis title Other People’s Money, Financial Times journalist John Kay quoted American writer Upton Sinclair, to the effect that: “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

Read More
QMV Expands Sydney Office Appointing New Principal Consultant Wendy Colaço

QMV has appointed Wendy Colaço as principal consultant to lead QMV's Sydney office and provide consulting services to QMV clients. Wendy is a highly driven and energetic professional who joins the team at a period of significant growth.

Read More
Superannuation fund operational expenditure - increasing or decreasing?

Data recently released by APRA provides a high-level picture of the trends in operational expenditure by most large superannuation funds in Australia. 

QMV’s analysis of the data shows that since 2004, with the growing scale of assets within the superannuation system means…

Read More
Rethinking superannuation data and member engagement

Many super funds are investing heavily in data profiling and predictive analytics solutions which promise to unlock a tidal wave of insights, often geared toward improving “member engagement”. Indeed, the term “actionable insights” has been dropped countless times across the latest financial services conferences. 

But mostly, these analytics solutions are just providing more data — not insights – and it is no wonder.

Read More