As more financial institutions share data via Open Banking, there are specific requirements when it comes to both access and usage. Ensure you’re prepared for the transition by considering the key areas including your UX, Accreditation and Security.
Accreditation
In order to use Open Banking under the Consumer Data Right, organisations must choose a pathway for participation in the CDR from a range of models. Which model is best for your organisation?
User Experience
Customer consent underpins the CDR, so the communication of consent along the customer journey is critical. Also what is the actual experience like when it transitions from your app to the banks’ app to sign in?
Security
The CDR sets out specific requirements on the level of security you need in order to be able to use Open Banking data. What documentation do you have and what controls are in place?
With consumers having the ability to share data via CDR Open Banking, what are some possible use cases?
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?