The promise of the Consumer Data Right (CDR) was a future where businesses are empowered to make informed, confident decisions based on a comprehensive understanding of their financial health. Yet, despite the significant potential of this initiative, its implementation has been mired in unnecessary complexity, lack of clear guidelines and the reluctance of traditional financial… Read more »
Back in 2017, The Economist published a headline that became a meme. It said data had become the new oil. By that it meant that the world’s biggest and most profitable companies no longer worked with oil, as they had throughout the 20th century, but with data. By 2022, three of the world’s five most… Read more »
The landmark three-year review of Australia’s Privacy Act has recommended significant new rights be handed to individuals, including to sue over privacy breaches, have their data erased and to opt out of targeted marketing. A widespread review of the Privacy Act was launched in 2020 by the former Coalition government on the back of a… Read more »
ChatGPT has taken the world by storm. Within two months of its release, it reached 100 million active users, making it the fastest-growing consumer application ever launched. Users are attracted to the tool’s advanced capabilities – and concerned by its potential to cause disruption in various sectors. A much less discussed implication is the privacy… Read more »
What if your insurer was tracking your online data to price your car insurance? Seems far-fetched, right? Yet there is predictive value in the digital traces we leave online. And insurers may use data collection and analytics tools to find our data and use it to price insurance services. For instance, some studies have found… Read more »
Consumer data right (CDR) startup Adatree, which is powering fintechs in open banking, has built a real-time capability alert system to warn people if they’ve just bought something at a Covid-19 exposure site. As NSW opens up once again, with Victoria to follow within weeks, and politicians saying we must “leave to live” with the… Read more »
There’s a revolution under way in commerce. Within five years, the consumer data right will have transformed competition and simplified the way we live. Yet most of us know little about it, or think it is restricted to banking. It’s the brainchild of former Productivity Commission chief Peter Harris and Scott Morrison when he was… Read more »
Sydney regtech startup Adatree has been approved to take part in Australia’s open banking system as Accredited Data Recipient (ADR) for the Consumer Data Right (CDR). It’s the first early-stage startup accredited and the first ADR with a female CEO, Jill Berry. Adatree helps fintechs gain access to open banking, offering of a scalable technology… Read more »
Australian consumers can gain access to their banking data from Wednesday, July 1, to potentially save money on the cost of financial services with the phased launch of the Consumer Data Right. All four major banks are required to share a customer’s data, when they request it. The reform gives fintechs the potential to find… Read more »
Open banking will “revolutionise” Australia’s financial services sector by giving consumers the right to share their data to get themselves a better deal, Treasurer Scott Morrison said.
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