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Consumer Data Right and Open Banking: 2022 is Australia’s Year of Opportunity

Since Australia’s Consumer Data Right (CDR) platform launched in 2020, financial services providers have been working diligently to meet the standards set forth by the CDR regime.

 

Under Consumer Data Right, Australian citizens may opt to share their data with select business entities accredited by the Australian Competition and Consumer Commissions. The banking industry was the first sector expected to comply with the CDR’s comprehensive data protection laws, and CDR compliance is now mandatory for all Australian Authorised Deposit-taking Institutions (ADIs). As of February 2022, customers of both major and non-major banks can now share their banking data from home loans, personal loans, bank accounts, and offset accounts with accredited organisations. They can also withdraw their consent for data sharing and have their data deleted by third-party organisations.

 

With much of the open banking phase of CDR completed, the Australian government announced its intention to expand to Open Finance in January 2022, allowing the transfer of personal financial data beyond banking to include other financial products such as general insurance, superannuation and non-bank lending service providers. Open banking and CDR share the same goal of providing consumers with greater control over their financial lives.

From compliance to opportunity

Although Australian ADIs have invested heavily to ensure their underlying technology systems meet CDR compliance requirements, they must now prioritise strategies to commercialise open banking to deliver new efficiencies to market and achieve a return on their costly investment.

 

While we are in the early stages of open banking, financial institutions can accelerate CDR digitisation programs by partnering with fintechs. Specific areas of focus can include near-effortless digital processes to support how customers want to bank; customized products and pricing to help them meet their individual financial goals, and predictive analytics to proactively provide beneficial offers even before they ask.

 

Our latest paper will outline how your bank can capitalize on the opportunity presented by Consumer Data Right. In it, we discuss:

 

  • The current state of CDR regulation in Australia
  • Challenges and opportunities
  • Ideas on how fintechs can support accelerating bank digitisation programs
  • Bonus: Two potential use cases: Retail Mortgages and Corporate Banking

Download your copy today

Consumer Data Right and Open Banking White Paper Australia

 

 

 

 

 

Consumer Data Right and Open Banking: Zafin’s Commercialisation Perspective

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