We are very proud of all that AFCA achieved as an organisation in 2020–21, as we continued to deliver on our strategy in the face of a challenging environment.
The AFCA 2020–21 Annual Review showcases the work we have done over the past year.
This work includes strategic initiatives to build a strong foundation for success, along with achieving resolutions for almost 74,000 complaints between 1 July 2020 and 30 June 2021.
Almost 41,000 financial firms hold AFCA membership. This includes a growing list of voluntary members that see the value of our services, as well as the credibility and confidence that AFCA membership provides to consumers.
Most of our members do not have complaints made against them. In fact, 84% of members did not have a complaint lodged against them in 2020–21.
In the last financial year, AFCA focused on how we can support better outcomes for our members. AFCA’s goal is to enable our members to have an improved member experience and have access to high quality information to help you successfully manage complaints.
In 2020–21, AFCA commenced work on delivering a new member resources portal that includes training products, such as videos and webinars, to help members build capability in key areas of dispute management. AFCA also began work on building tailored member benchmarking reports to assist with minimising disputes before they reach external dispute resolution.
We also introduced a series of initiatives to reduce delays in complaint handling. These initiatives include the development of specialist teams, strengthened workflow management and triage mechanisms, the introduction of enhanced exception reporting, reiterating aged file prioritisation, implementing timeliness Key Performance Indicators (KPIs) and enhancing our communication strategies to ensure the parties are kept informed about progress.
While proud of what has been achieved so far, AFCA recognises that there is more to be done to enhance the scheme’s operations and improve the experience for all users.
The next few years will be a critical time for AFCA, as we use data and technology to transform how we delivers our service.
Processes will be streamlined with triaging, robotics and artificial intelligence enabling faster, more effective and higher quality outcomes. There will also be a self-service capability with live dashboards and analytics to help members review emerging trends and proactively address issues.
It is important that AFCA is resilient and agile, so we can continue to meet the ever-increasing expectations of our stakeholders, withstand challenges– and at all times, remain fair and independent.
We look forward to working with our members in 2021–22.
Read the 2020-21 AFCA Annual Review here.
