Banking Fee Remediation Report - Lessons and Future States
With a long shadow from the Hayne Royal Commission still being cast across the Australian financial services sector, banks are grappling with how to best execute their customer fee remediation programs.
Accelerated undertook in-depth research to understand some of the key fee remediation lessons learnt and emerging paths being taken by major financial institutions outside of Australia.
The research report delivers global insights across:
- Recurring common fee remediation challenges
- New thinking and emerging approaches
- The role and maturity levels in the application of data, analytics and AI in remediation
- Critical success factors
- Best practice models being applied.
This research involved detailed 1:1 interviews with executives and subject matter experts from across the UK, USA and Canada. Interviews were conducted by our Australian collaboration partner, an experienced financial services executive, with over 20 years experience in major banks in Australia and a further 10+ years working as a strategic advisor and business partner in strategy consulting and other advisory firms.
Roles of the experts included (either current or prior roles):
- Executive Director, Risk and Compliance
- Executive Director, Regulatory Affairs
- Change and Continuous Improvement Director
- Head of Risk, Control and Remediation
- Cards Remediation Lead
- Complaints and Central Control Executive
- Director of Strategy and Operations Analytics
- Head, Enterprise Advanced Analytics Lab
- Senior Risk Manager
Accelerated provides custom, expert-sourced insights that enable organisations to make decisions better and faster, and to implement those decisions more successfully.
Connecting human knowledge from across the globe, Accelerated orchestrates teams of consultants and experts who can best address clients’ challenges and opportunities. Virtual teams are drawn from extensive proprietary networks, plus our unique approach to engaging the collective expertise of over 650 million digitally connected professionals from around the world.
Accelerated has worked on projects and with teams from every continent (except Antarctica!), and delivered outcomes for leading corporations, global and boutique consulting firms as well as with numerous venture funds. Since starting operations in Australia in 2020, this growth has been achieved through word of mouth referrals and the strong relationships that we build through the conduct of our business – total marketing spend to date is $0.