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 MoreCustomers 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 MoreThe 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 MoreAt QMV, we believe that robust data quality management practices not only increase member engagement but also help solidify members’ trust in the company. Recognising a growing demand for more control and customisation around reporting, QMV are very pleased to present the latest version of Investigate featuring some significant enhancements that reaffirms our commitment to meeting our customer’s needs for superior data quality management.
Read MoreEven though reputable third-party providers have data governance frameworks and performance metrics in place, it is important to recognise inherent bias and that data quality governance is not often their core capability. Data quality must be independently and routinely monitored and validated. If access to the data can be obtained, an independent audit can often uncover widespread error for which regulatory breach and costly remediation is a legitimate risk.
Read MoreIn the last decade, the arrival and development of the ‘cloud’ has had a profound impact on the financial services sector, both in Australia and globally. I’m not talking about the cloud Grampa Simpson is yelling at but referring to the term ‘cloud computing’.
Read MoreEstablished life insurers currently face the biggest challenge of their reign keeping pace with today’s rate of technological change. Increasingly, better informed customer bases combined with more data than ever before, legacy systems and heightened regulatory scrutiny make transitioning to more innovative, value-driven systems highly challenging.
Read MoreQMV is pleased to release a data assurance content pack dedicated to helping trustees to monitor compliance with the Putting Members’ Interest First reforms. This pack complements existing definitions and rules content available across Investigate including the recent Protecting Your Super data assurance content pack.
Read MoreThe digital age of customer information opens vast opportunities for financial institutions from providing tailored solutions, omnichannel experience and innovative avenues to communicate with customers.
Read MoreTesting of fintech products and platforms is increasingly a mix of human and automated testing thanks to advancements in technology, machine learning and artificial intelligence. The movement away from manual work can allow financial services organisations to boost product development, improve efficiencies, enhance quality and mitigate risk.
Read MoreQMV is pleased to release a data compliance assurance content pack dedicated to helping funds adhere to the Protecting Your Super reforms. This pack complements existing definitions and rules content available across QMV’s data quality management platform, Investigate.
Read MoreThe 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 MoreData 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 MoreIn a letter sent to registerable superannuation entity (RSE) licensees on 10 April 2019, APRA and ASIC reinforced the importance of oversight to ensure fees charged to members are correct and in their best interest. This included a range of issues and ‘approaches for actions’ to address the oversight.
Read MoreTom 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 MoreQMV is extremely honored to have our data quality technology, Investigate named as a finalist for Compliance Innovator of the Year at the 2019 Fintech Business Awards. The nomination is very timely given the findings of the royal commission and the appetite for raising benchmarks across the industry.
Read MoreI really enjoyed the opportunity to speak at ASFA’s Spotlight on Member Engagement Forum held this week in Sydney. My task was to discuss how trustee approaches to member engagement would be influenced by the rise of
Read More“If we had known THAT, we would have made a very different decision” – a data quality story I hear all too often when working in superannuation and wealth administration...
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