Consumer Data Right legislation potential to ‘reshape’ banking industry
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 Pollari, 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 – Pollari 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,” Pollari 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.”
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