The new age of consumer data rights: Where are we at?

Deloitte’s David Giddy assesses what organisations need to do if they are to fully participate in Australia’s new open data regime.

Open Banking in Australia is now almost ready to launch.

From 1 July, a new era in financial services will begin, when the major banks start to share data with accredited data recipients with the consent and at the request of customers.

While there had been concern that the current pandemic would further delay the start of data sharing, in reality the key players are well advanced, and Australia’s competition regulator and national consumer law champion, the Australian Competition and Consumer Commission (ACCC), is pressing ahead.

The regulator has however, given an additional three months to the non-major banks to commence sharing their product reference data in recognition of the impact of the COVID-19 pandemic, and the relative readiness of the majority of the non-major banks.

Earlier this year, the ACCC released a consultation paper on the timing of the various phases of data sharing for the non-major banks, in which it suggested a possible delay to the commencement of sharing of account and transaction data to 1 July 2021.

Whether this will be further delayed due to the pandemic is currently unknown.

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Source: The new age of consumer data rights: Where are we at? | RFi Group