Data Privacy

Seizing – and looking beyond – the Open Banking opportunity in Australia

As Australia prepares for the arrival of Open Banking, and the vast opportunities for consumer-centric data sharing this will provide, forward-looking finance movers are gearing up to make the most of this transformation including cross reach into segments such as insurance, wealth management and superannuation.

ID Exchange, digi.me’s Australian partner, recently launched a sandbox environment for financial data by curating the Open X “Creating the value exchange” Open Banking workshop, kindly hosted by the Australian Payments Networks office in Sydney. Attendees, including several blue chip companies as well as banks, FinTechs, financial advisors and insurance firms, were provided with use cases ranging from financial advisors Map My Plan to Faster Horses, who offer the digi.me-enabled panel research and data monetisation platform UBDI.

Co-hosts digi.me and SISS Data systems offered a deep dive into what secure, consented and private data portability looks like via their API attuned for pre or post Consumer Data Right uptake. Financial sector examples showcased how existing Australian banking data is available for individuals to own and control today, as well as share with third parties for service, convenience and reward. Live use cases with digi.me partners SopraBanking (personalised financial offerings) and Mastercard plus cxLoyalty (hyper-personalisation coalitions of brands in the loyalty sector) were shared.

Joanne Cooper, CEO of ID Exchange, said: “This Data Mobility project is clearly a lighthouse project to the global market, validating that consumer-centric applications can be crafted to achieve countless new tailored services that interweave finance, telco, energy and retail markets.

“It also shows that by moving data out of sectoral data silos and making the consumer the custodian of their returned and synced data, individuals can now act as the trusted aggregation point.”

She added: “With the Australian Consumer Data Right regulation arriving in 2020, there is an opportunity for the Australian market to recognise the prize of early advancements as the market shifts towards economy-wide consented data sharing.

“The gain in revenues and consumer trust is the key to drive clear value propositions and a new breed of products and services to gain early uptake on what is set to be a trillion-dollar personal data economy.”

Rupert Melsom, VP business development at digi.me, said: “It is great to see this privacy-centric model enabling companies to build deep and trusted client engagement being powered by global industry leaders and innovators.

“We’re very pleased to see the Australian market advancing to the implementation of value exchanges utilising the most broad, rich and explicitly-consented digital footprint data from consumers.”

The ID Exchange workshop was designed to demonstrate how by increasing the velocity of secure, private and consented data, new projects featuring hyper-personalised or tailored reach can be achieved now.

Feedback from attendees was very positive. They welcomed that multi-dimensional digital footprint data is available already, as this enables the deployment of valuable use cases for early adopters.

Main picture: Victoria Richardson, Chief Strategy Officer, Australian Payments Network, welcoming the participants to the ID Exchange & digi.me OpenX event