Consumer Data Right & Open Banking

Ever the competition watchdog, the Australian Competition and Consumer Commission (ACCC) is putting consumers in control of their data rights with the introduction of the Consumer Data Right. CDR shifts the ownership of customer data from corporations to the consumer, granting the freedom and portability of their data to share with other industry players as they wish. CDR is taking an industry approach, beginning with an Open Banking regime.

Financial institutions affected by CDR and Australian Open Banking face a big challenge and an even bigger opportunity. Early and complete compliance and secure API innovation presents a rare chance to create a competitive advantage by providing a more seamless and personalised customer experience. 

Download this eBook to learn how banks and other financial institutions that take a modern approach to open banking centered on IAM will not only achieve compliance, but also quickly adapt and embrace new business opportunities.