Manual Dormant Account Processing Costs
Definition
Post-2013 reduction from 7 to 3 years dormancy, ADIs report increased manual checking burdens, fewer transfers under longer periods would save industry costs, with 300% rise in complaints indicating process inefficiencies[6].
Key Findings
- Financial Impact: 20-40 hours/month manual checking; industry savings potential of millions annually from reduced transfers[6]
- Frequency: Ongoing; annual peak at year-end
- Root Cause: Lack of automated dormancy tracking; manual report validation for ASIC submission
Why This Matters
The Pitch: Savings Institutions in Australia 🇦🇺 incur AUD 20-40 hours/month per branch on escheatment manual checks. Automation reduces this to zero, saving AUD 50,000+ annually per institution.
Affected Stakeholders
Operations Analyst, IT Support, Compliance Team
Deep Analysis (Premium)
Financial Impact
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Current Workarounds
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Methodology & Sources
Data collected via OSINT from regulatory filings, industry audits, and verified case studies.
Related Business Risks
Unclaimed Money Reporting Non-Compliance
Strafgebühren wegen Nichteinhaltung der Identitätsprüfung (AML/CTF-KYC)
Verzögerte Kontoaktivierung durch manuelle Identitätsverifizierung
Kapazitätsverlust durch manuelle Prüfung von Kontoeröffnungsunterlagen
Kundenabwanderung durch komplizierte Kontoeröffnungs- und KYC-Anforderungen
Term Deposit Renewal Opportunity Loss
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