Analytics to enhance data governance and intelligently mitigate risk
Deloitte innovative industry-disrupting solution, RemedyWise, combines deep remediation knowledge and AI-powered analytics to accelerate banking, insurance and superannuation remediation projects. A new level of technology to add robustness, save time and costs, while obtaining an optimal outcome for both the client and customer.
Designed with the ethos ‘don’t leave anyone behind’, RemedyWise connects the dots to identify, resolve and, using AI, leverage historical data to predict potential issues and recommend responses. Big or small, complex or straightforward, with flexible, fully customisable modules to match business needs, respond to regulatory requirements and policies and get an optimal remediation outcome for everyone.
A blueprint for design thinking
Disparate data sources, unmatched customer products, underdeveloped methodology, outdated processes… these are just some of the remediation issues the industry see every day and designed RemedyWise to solve with powerful machine learning.
RemedyWise take care of every piece of the puzzle, from identification to quantification to communication. It can also be used as a blueprint of design thinking to develop remediation strategies, data governance and operating models.
How is it different?
- AI-powered analytics bring a multi-dimensional lens to assessing issues to accelerate remediation, obtaining an optimal outcome for both the client and customer.
- The individual modules can solve specific remediation challenges or be used as a complete suite to address end-to-end remediation needs.
- It is fully customisable and scalable and can be adapted and modified to specific scenarios and data nuances.
- Provides communication solutions designed with Governance, Regulation and Conduct (GRC) team so you can communicate the right words in the right way at the right time to customers.
- Improve data quality to help prevent issues reoccurring.
Features
- Individual modules: with fully customisable solutions for any situation across the remediation lifecycle, pick modules for business needs then plug and play.
- Investigate: develop remediation methodology – centralise and manage relevant data and aid investigation activities.
- Scope: data governance – finalise identification analysis and confirm impacted customers.
- Assess: assessment process – provide data handshakes so assessment can seamlessly integrate with downstream remediation.
- Calculate: quantify remediation payments – accurately calculate customer compensation amounts for payment at scale.
- Contact: customer communication – generate payment and letter data with the payment and letter engine designed with GRC team. Automated letter generation and payment based on the single view of customer.
Benefits
In an environment of increased scrutiny, rising customer expectations and a seemingly complex legal and regulatory landscape, organisations will have a new level of technology to add robustness to reduce risk, costs and time, leading to an optimal remediation outcome for everyone.
- Plug & play: select modules to match business needs.
- Save time: with end-to-end capability, integrated functions, and a consistent operating model.
- Save costs: by accelerating remediation, bringing scale of capability across multiple programs and a one-team focus.
- Optimal Remediation robustness: through traceability, audit trail, improved data management, accuracy of integrated reporting and the speed of getting funds back into customer hands.
How does it work?
The flexible AI-powered modular solutions cover the full remediation lifecycle, either as an end-to-end solution or as individual standalone modules to match business needs.
RemedyWise drives internal success and mature responsible practices for Financial Services, including but not limited to:
- Banking
- Superannuation
- Insurance
Client story
Deloitte was engaged by a superannuation trustee to support acceleration of a conduct remediation originating from an issue around campaign implementation. They wanted a fast, streamlined, sound communications and compensation calculation solution for their impacted members.
With the use of RemedyWise, Deloitte accelerated solutions to:
- Create a central data hub: Aggregating existing voice datasets, such as audio files, metadata and call logs, with customer, financial and product datasets stored in one central hub which enabled streamlining of all remediation phases.
- Identify and assess impacted customers: Through a data-driven assessment identified impacted customers and developed a compensation calculation methodology to auto-assess which customers could go straight-to-pay-and which ones needed a manual assessment.
- Calculate compensation payments: The compensation calculation engine was modified to accurately identify member financial detriment and calculate member compensation amounts for payment at scale.
- Deliver customer reporting: Through the central data hub provided transparent reporting to show the member journey throughout the remediation process.
Proactive remediation is integral for a firm to achieve good customer outcomes, rebuild trust and comply with their obligations to act efficiently, honestly and fairly. By better using data and thinking differently using technology, firms can remediate with greater confidence and speed” – Sweta Maira, Analytics Partner, Deloitte
