Introduction
Following the re-election of the Morrison Government, the
Consumer Data Right (CDR) for the Australian
banking sector is imminent. From 1 July 2019, the four major
Australian banks are expected to publish generic product
information by way of an application programming interface
(API). The API will allow data to be read by a
computer so products can be easily compared.
Last month, NRF hosted a Financial Institutions Symposium where
attendees gained insights from four CDR experts on the proposed
regime. The panellists agreed that in ensuring the CDR achieves its
purpose, the Government must balance the competing interests of all
parties who will be affected by the new regime. CDR will allow
Australians to access their own financial data and share it with
accredited data recipients, with the aim to facilitate and
encourage more competition in the banking sector. While a simple
proposition, the introduction of the regime is accompanied by
tensions from a
