Source: Australian Competition & Consumer Commission
Consumers can now choose to share their banking data to access more personalised financial products and services following the launch of the Consumer Data Right today.
All four major banks are capable of sharing their customers’ data, when requested by the customer. Other authorised deposit-taking institutions will join the Consumer Data Right over the coming year.
From today, individual customers can request their bank share their data for deposit and transaction accounts and credit and debit cards.
From 1 November 2020 consumers will be able to share their data relating to home loans, investment loans, personal loans and joint accounts.
At launch there are two accredited data recipients that have completed the necessary steps to securely receive data. A further 39 providers have already begun the process to become accredited data recipients.
“The Consumer Data Right gives consumers control over information banks already collect about them. Importantly, from today, it allows consumers to share that data with other businesses, such as fintechs, that may be able to provide them more personalised services and competitive offers,” ACCC Commissioner Sarah Court said.
“We are pleased that we have reached this significant milestone with the Consumer Data Right going live, so consumers can now request their data relating to their deposit or transaction accounts, credit or debit cards to be shared securely in order to receive those offers – without all the time and energy that it would normally take for a consumer to do this on their own,” Ms Court said.
The ACCC provides the Consumer Data Right Register & Accreditation Application Platform that underpins the security and privacy protection for the Consumer Data Right, and is responsible for accrediting data recipients.
Maintaining security and privacy are top priorities for the ACCC, in addition to the Office of the Australian Information Commissioner (OAIC) and the Data Standards Body (DSB).
More information for consumers and businesses about the Consumer Data Right is available on the new Consumer Data Right website.
Businesses interested in more information about gaining accreditation should visit the Consumer Data Right Participant Portal.
On 29 June 2020, the Australian Government announced the formal designation of the energy sector as the next sector to join the Consumer Data Right ecosystem. The ACCC will commence consultations on the proposed rules for the energy sector shortly.