Friday, 02 August 2019 10:43

Consumer Data Right legislation potential to ‘reshape’ banking industry

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Open banking holds enormous potential to reshape the banking industry and the broader economy, as well bringing greater control and benefits to Australian consumers and small businesses, according to a fintech practice leader at professional services firm KPMG.

KPMG national sector leader banking and global co-leader fintech practice, Ian Pollard, made his comments on Friday in response to the passing in parliament of the Consumer Data Right Legislation Bill.

Welcoming the passing of the bill – which gives individuals and businesses the right to access specified data in relation to them held by businesses - Pollard said, “It’s critical that all stakeholders, ranging from regulators, banks and fintechs, work together to ensure the appropriate testing and preparations ahead of the regime’s implementation”.

“In addition, customer awareness, education and engagement will need to be another key focus for the regime’s success,” Pollard cautioned.

"Open Banking puts power in the hands of consumers - and businesses who don’t realise this will lose out,” said Brett Watson, KPMG partner payments and open banking advisory.

“Now the Consumer Data Right Bill has been passed, the race is on to get compliant. To benefit from the changes, businesses will need to quickly move beyond compliance and develop innovative products and services.”

Watson said: “Open Banking of a more limited scale already exists in the UK, India and several European nations – and “we are already seeing some fantastic innovation in these markets from apps that enable users to aggregate and manage financial accounts across multiple providers, to sophisticated yet nimble SME lending services”.

"Banks and others are also using the opportunity to understand new and existing customers better, make faster and better informed credit decisions and enable easier switching.”

 

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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