Wisr applauds ASIC and ACCC support of screen-scraping technology
ASX-listed fintech Wisr, applauds ASIC and ACCC guidance and endorsement on the use of “screen scraping” technologies. Their findings, help eliminate the ‘grey’ area within the industry, which some of the large incumbents have been attempting to exploit as a scare tactic to avoid having their customers move away to innovative new business models which are accelerating in pace in taking market share away from them.
This is an affirmation for the “customer first” approach by FinTech’s in Australia and Wisr applaud the regulators in helping provide greater confidence to consumers to adopt technologies which exist today, while Open Banking continues to develop and take shape. Wisr also fully supports the “right for ‘write’ access” as well as a role for intermediaries within the Consumer Data Right (CDR) Open Banking regime.
This will help to foster the principle of creating a level playing field to allow for the best customer experience to win; lays the core foundations to truly achieve account portability and ultimately, better customer outcomes.
Mathew Lu, Wisr’s COO said, “This decision is the smart decision, as consumers are the ones who own their data, and consumers should be empowered and have the right to decide who and how they share their data with, and not be constrained or dictated to by technology choice.”
“We are very pleased that the regulators recognised, that to ban screen scraping, before the consumer data right has had the opportunity to mature, would not be in the best interests of the consumer.
Behaviours contrary to this guidance, are now clear indications of anti-competitive behaviour and should stop, immediately.”
“Wisr supports the use of screen scraping technologies through our platform and processes. This decision paves the way for the industry to continue to move forward in compliance with Responsible Lending guidelines, enabling improved decision-making through the use of data and analytics, to make fairer and smarter decisions, and sets up Australian consumers to reap the benefits of Open Banking adoption. The government should move forward with vigour to open up data access, as the CDR program has experienced continued delays and setbacks,” finished Mr Lu.