1 July 2020 is a key date for Australia’s CDR, marking the beginning of live consumer data sharing by the major banks. A few weeks earlier, Nathan Kinch, CEO of Greater Than X, and Rob Hale, CDO, Regional Australia Bank discussed the experience of preparing for CDR.
Regional Australia Bank was the first accredited data recipient. Rob explains how they reacted to CDR as a customer-owned bank, and how CDR’s consumer-centred approach fit with the bank’s overall strategy. Rob talks us through the journey, from the initial use case (improving the credit application process) to building the experience, while at the same time dealing with the challenge of keeping up with the evolving regulations.
Rob and Nathan move on to discuss where giving consumers control of their data might lead, the potential for banks to evolve into providing lifestyle services – and how this fits with the growing customer demand for organisations aligned with their purpose and values. The discussion ends with a call for the community to share lessons learned, as open banking movements around the world evolve to help consumers live better lives.