Consumer Data Right & Open Finance: Trojan Horse, White Elephant or Level Playing Field?

by admin

23 June 2022 | 9:00am - 11:00am | Face to Face Event | Member Cost: $225.00 + GST

On 24 January 2022, the Federal Government announced that the Consumer Data Right (CDR) would expand to ‘Open Finance’. Once the broader finance sector is brought within scope it means that participants will be required to become accredited data holders and be ready for CDR as the system rolls out. More importantly, for financial services organisations, it means a shift in how organisations have to manage customer data.

The new system would allow for customers to be able to direct that their financial data is shared with trusted third parties via secure Application Programming Interfaces (APIs).

The introduction of the CDR in the Australian economy signifies a fundamental shift in how data is regulated and highlights a growing global trend to give consumers power over their data. Data sharing via CDR will enable financial services organisations to develop new customer propositions including financial management tools and streamline loan approval processes.

To explore the challenges and opportunities of the open data regime and provide guidance on how members can navigate their CDR journey, AFIA is hosting Consumer Data Right and Open Finance Event on Thursday, 23 June in Sydney’s CBD (venue tbc).

In this 2-hour event, participants will hear from our CDR experts on a range of industry-wide topics including:

• the background and implementation of CDR in banking and Australia
• consent, privacy and uses of CDR data
• the opportunities that open finance presents as well as the potential disruptions.

Join us to hear from our exciting line of subject-matter experts including:

• Scott Farrell, Chair, Australian Government’s review into open banking, and Australian Government’s Inquiry into the Future Directions of the Consumer Data Right
• Andrew Stevens, Chair of the Data Standards Advisory Body
• Rob Hale, Head of Banking - TrueLayer Au/NZ
  
  With more keynote speakers to be announced shortly.

This is an important event for members. Organisations will need to ensure they are equipped for the changes and opportunities that CDR and open finance provide.