05 Jun Client Story: Customer Remediation within the Banking Sector
Client Story: Customer Remediation within the Banking Sector
THE CHALLENGE
Driven by the outcomes of the banking royal commission, this major bank needed to address systemic issues where the bank had not delivered products to customers in line with terms and conditions, requiring customer remediation.
OUR BRIEF
- Build best in class remediation processes and systems to enable remediation of customers at scale and pace
- Meet reporting requirements and retention of data to meet audit requirements
- Manage data quality issues of historical data sourced from various analytics environments
- Establish the operational model to support remediation.
OUR APPROACH
- Performed fit for purpose testing on datasets curated from various source systems
- Built bespoke solutions to identify impacted accounts, determine remediation amounts, execute cohort based payments to customers along with appropriate communication (letters).
- Provided feedback to improve the bank’s segmentation, payments and communication solutions
- Supported reporting requirements
- Closed out remediations ensuring appropriate archival of data to meet audit requirements
KEY OUTCOMES
- Built a number of bespoke payment calculators specific to the business requirements of the remediation
- Contribution to the enterprise Data Curation of various data sources by conducting fit for purpose testing
- Contributed IP to assist the bank to build enterprise wide calculators
- Created a solution that not only facilitated remediation, but also acted as a forensic tool to detect systemic issues