ACCC increases Consumer Data Rights: Neobanks and fintech startups take note

From 1 July 2020 Australia's four largest banks will be required to provide access to customer and account data for credit and debit cards, deposit accounts and transaction accounts. By November, they will have to make available information for all other accounts, including personal loans and mortgages. By the end of July 2021 all banks in Australia will be required to provide access to this information to accredited recipients upon request from the customer.

While this increase in consumer data rights will undoubtedly benefit everyday Australians by enabling easier switching between banking providers, those that stand to gain the most from these changes include neobanks and fintech startups, which should also be aware of the increased obligations and liabilities that these changes impose.