NAB and NatWest co-author Consumer Data Right Whitepaper

Share

Share

As more sectors come on board with the Consumer Data Right and Australia prepares for action initiation to be brought within the regime, NAB and NatWest have jointly authored a paper exploring the common threads that bind both Australia’s Consumer Data Right (CDR) and the UK’s Open Banking regime.

The whitepaper explores the similarities in the policies that underpin both regimes: to increase competition, innovation and to empower consumers with control over their data. As well as how the two countries have diverged in their journeys to implementing these frameworks, notably in relation to their respective scope in terms of ‘breadth versus depth’.

One of the report’s authors, NAB Executive Digital & Data Governance, Brad Carr, said there’s a lot to be learnt for both jurisdictions.

“Consumers are now looking for more integration and connection between the main experiences they have every day, and that means evolving from ‘Open Banking’ to ‘Open Data’,” Mr Carr said.

“There are a number of insights and lessons we can glean from Australia and the UK’s journeys in relation to Open Banking and the Consumer Data Right.

“It has been great to partner with our friends at NatWest on this report, as the UK was an early adopter of Open Banking and many other nations, including Australia, looked to the UK’s experience in developing their own regimes.”

Angela Mentis, NAB Chief Digital, Data & Analytics Officer said customers will be the beneficiaries of this convergence as the economy becomes increasingly digitised.

“We’re exploring ways we can utilise open banking to improve experiences and make things easier for our customers,” Ms Mentis said.

“As an active data recipient, one of the areas we’re looking at is how open banking can help us enable instant credit decisions.

“Immediate decisioning will have a transformative effect on the customer experience and allow us to better support a customers’ financial wellbeing.”

The UK and the Australian regimes are now at a critical juncture of their respective development, with the UK looking beyond banking and finance to open data and Australia shifting focus to grow adoption of the regime and support greater system functionality.

Three to four years on, is Open Banking in the UK and the CDR in Australia heading in the right direction? And are they moving quickly enough to be impactful in their respective economies?

Download to read the report in full. Available on the right hand side of the webpage.

Customers, banking & finance

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Download the report

The Consumer Data Right and Open Banking

Download the report Download

Related Articles

  • Small Business

Small businesses seek AI to reduce paperwork and increase profits

NAB Bookkeeper, NAB’s new bookkeeping tool utilises machine learning, a form of AI, to help reduce admin time for small businesses by up to five hours per week so they can focus on the bigger picture.

  • 18.03.2024
  • Time to read 2 min read
  • Digital Banking

Towards safer alternatives – NAB welcomes Government direction in relation to the practice of screen scraping

In August 2023, the Government released a discussion paper asking for feedback from organisations to inform its policy development options for regulating screen scraping practices. NAB welcomes the Government’s direction in relation to screen scraping practices and the movement towards safer alternatives.

  • 13.02.2024
  • Time to read 1 min read

Quick links

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights .

NAB Security Podcast

For more insights about cyber security and fraud, and practical tips on how to stay safe, listen in to NAB’s Security Podcast series.

NAB tech blog

For more insights about technology and the digital developments enabling change for customers, visit the NAB tech blog on Medium.