The implementation of Consumer Data Right (CDR), supporting open banking in Australia, is almost fully executed with a few milestones left to reach in 2022. Consumer Data Right enables consumers to provide permission for their financial institution to share information with third parties.
Converting bank’s core banking legacy systems so they comply with CDR has presented significant challenges to banks; the cost of execution is only one. After investing significant resources to retool systems and processes to comply with CDR, financial institutions must pivot to prioritising strategies that commercialise open banking.
The commercialisation of Consumer Data Right is a mindset change. Banks must transition from seeing the requirements as a cost of compliance and technology and view them, instead, as an opportunity to increase revenue, deliver new efficiencies to the market, provide enhanced customer experiences and generate a significant return on investment, if executed appropriately.
In this white paper, we discuss:
- The current state of CDR regulation in Australia
- CDR challenges
- CDR banking opportunities
- Retail mortgages and corporate banking use cases
- Ideas on how fintechs can play a part in accelerating the banks’ CDR digitisation programs
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