It’s time to unlock the power of Open Banking.
Driven by regulatory changes, shifting consumer preferences and technology-enabled innovation, Open Banking gives consumers the power to securely share their selected banking data with accredited third parties. Open Banking lays the foundation to improve consumer experience and create new products and services, and change the competitive landscape.
At the beginning of August 2019, Australia took a major step towards an open data economy by passing the Consumer Data Right (CDR) legislation, which gives customers control of their data and enables them to share it with third parties. As the rules and standards on privacy, information security and customer experience are finalised, the process of accrediting third parties will begin. Banks and organisations seeking to be accredited data recipients should ensure they are ready, as those organisations that will thrive will be the ones that are prepared for the changes, customer-focussed and ready to leverage the opportunities that shared data provides.
Get in touch to understand how Deloitte can help your organisation embrace the opportunities of Open Banking.
On 24 April 2020, the ACCC announced that July 2020 commencement holds, but they will ‘provide some flexibility as authorised deposit-taking institutions (ADIs) and Initial Data Recipients respond to the physical and economic impacts of COVID-19’. On 20 December 2019 the ACCC adjusted the implementation timetable for the four major banks to share consumer data from 1 February 2020 to 1 July 2020. Those obligations that were to commence in July will be deferred to November 2020. Timings of elements beyond November 2020 will be reviewed by ACCC in the first quarter of 2020.