CDR opens the gate to the Super App for Australia, says Ashurst
Interview with Geoff McGrath, Partner, Ashurst
Geoff is a Partner in the digital economy transactions team at Ashurst, with a focus on data, privacy, as well as information technology and telecommunications. Keen supporter of startups, with an interest in the tech sector, energy transition, intellectual property, early stage investment and venture capital.
https://www.ashurst.com/en/people/geoff-mcgrath/
In this interview, we discuss:
What does Consumer data Right mean?
The history of CDR – 2017 Open Banking Review & Productivity Commission Review (looked at entire economy, from banking to telco to energy); the real benefits – data and information has value, and can be used by incumbent organisations, this is now changing with CDR/Open Banking
Product level data vs transaction data, in a standardised way
Explanation of terms; data holders, accredited data recipients,
What Government bodies are involved? ACCC (accreditor and enforcer)
CDR came out of concern around concentration of players, as well as data sovereignty; the concept that you own your data.
Are we now starting to see the benefit of CDR? Open banking, open energy, open telco etc – so the CDR opens up data between new sectors, new products.
CDR changes over time: from start to action initiation.
Who owns the customer? The bank? The accredited data recipient?
Geoff discusses how the CDR legislation opens the gate to the Super App
Why has the roll out of CDR slowed? What will this mean?
Opportunities for future products?
Use of Ai to enable consumers to set up goals and use big data plus Ai to deliver the possibly of tailored financial advice.
How will data aggregation (aka screen scrapping) evolve? Will they be phased out and when?
How does cyber security impact CDR and perception of data safety
The role of digital identity; role of public vs private sector
Where should CDR be in a year’s time? Why has progress been paused? Issue of data quality, scams etc. Super App maybe the ‘killer app’ but it may not be ready in 12 months.