The flow of viscoelastic fluids may, under certain conditions, exhibit shear-banding characteristics that result from their susceptibility to unusual flow instabilities. In this work, we explore both the existing shear banding mechanisms in the literature, namely; constitutive instabilities and flow-induced inhomogeneities. Shear banding due to constitutive instabilities is modelled via either the Johnson–Segalman or the Giesekus constitutive models. Shear banding due to flow-induced inhomogeneities is modelled via the Rolie–Poly constitutive model. The Rolie–Poly constitutive equation is especially chosen because it expresses, precisely, the shear rheometry of polymer solutions for a large number of strain rates. For the Rolie–Poly approach, we use the two-fluid model wherein the stress dynamics are coupled with concentration equations. We follow a computational analysis approach via an efficient and versatile numerical algorithm. The numerical algorithm is based on the Finite Volume Method (FVM) and it is implemented in the open-source software package, OpenFOAM. The efficiency of our numerical algorithms is enhanced via two possible stabilization techniques, namely; the Log-Conformation Reformulation (LCR) and the Discrete Elastic Viscous Stress Splitting (DEVSS) methodologies. We demonstrate that our stabilized numerical algorithms accurately simulate these complex (shear banded) flows of complex (viscoelastic) fluids. Verification of the shear-banding results via both the Giesekus and Johnson-Segalman models show good agreement with existing literature using the DEVSS technique. A comparison of the Rolie–Poly two-fluid model results with existing literature for the concentration and velocity profiles is also in good agreement.