Sorry, I dont usually spam this much in a day but the more I research the more excited I am getting (Coupled with the current charting TA lining up nicely):
https://www.forgerock. X /resources/view/107084204/infographic/cdr-infographic.pdf
I think this website explains it very simply
(replace the X with com for it to work)
key takouts for me:
The Consumer Data Right (CDR) aims to provide greater choice and control for Australians over how their data is used and disclosed. CDR will require all Australian banks, telcos, and energy sectors to:
• Open consumer data to third parties
• Attain user consent for data sharing
• Apply strong customer authentication
These industries, for example, will need to open secure application programming interfaces (APIs) for third parties to access customer data with the customer’s consent.Open Banking is Australia’s first response to CDR. Open Banking is a regulation that requires Australian banks to open access to payments, account data and product information for third parties via secure APIs to increase competition. Customer data can only be shared with customer consent and privacy must be respected. Fintechs and challenger banks will also look to leverage open APIs to participate in the ecosystem and capitalize on emerging opportunities.
And what is is IP1 are doing?? Building the platform/capabilities for these huge corporations to adhere to the new CDR. And good riddance. Is this why google are complaining? because they no longer have complete control over our data once enacted??
What's the point?
The CDR regulation is designed to improve customer experience with security and privacy in mind, while banks create competitive offerings that leverage the opportunities shared data provides. Ultimately, consumers will gain a new level of control over how their financial data is used, and by whom. Best of all, as CDR is the only legislation globally to also include Utilities such as Telco's, Gas and Power, Australians will be offered the most comprehensive suite of services, with the greatest scope for innovation, anywhere in the world.
finally, I found this very interesting from
KPMG:
59% of Banks of the future will build a 360 view of their customers, not only for compliance and regulations but to increase the value of services they offer. By 2030 data will fundamentally transform the nature of financial services – and most sectors of the Australian economy.Payment tracking & account security Loyalty programs linked to bank accounts A few of the innovations enabled by CDR and
Open Banking Intelligence driven insight systems & automation Single view of all financial accounts in one location of bank executives believe that open banking will help create new revenue streams for their organisation.-Accenture Open Banking Survey 2017- KPMG 2019
Note this came from KPMG... could that me who we are in discussions with?
Excitement is an understatement. New next HUGE commodity is
DATA which these multi billion dollar companies are, I am sure, looking to be first movers too.
