The Australian Consumer Data Right (CDR) is designed as an exceptionally forward-thinking policy. However we are only scraping the surface of its potential.
This white paper takes a forward looking view at the Open Banking regime’s future, cemented in four novel use cases.
Novel use cases
New use cases will emerge at the intersection of insights and action. These include Rules and event-based payment initiation, Dynamic credit risk decisioning and Autonomous personal finance.
Towards Open Banking
Historically, consumers have only had the ability to interact with their data via technology known as ‘screen scraping’ but the roll out of Open Banking has accelerated.
What the future holds
Open Banking will be bedded down over the next five years. As the CDR moves into other sector such as energy and telco, innovation will accelerate at an economy wide level.
With consumers having the ability to share data via CDR Open Banking, what are some possible use cases?
What does an Open Finance ecosystem looks like in the context of consent, data, insights and action?
What are the practical considerations you have to think about when making the move to Open Banking?