Australia’s fintech sector will be pleased by the federal government’s budget commitment to spend $44.6 million over four years to establish a Consumer Data Right (CDR).
The CDR is a necessary building block for the progress of Open Banking, and is designed to make it easier for consumers to access their financial records and transfer information between financial institutions.
Consumers will be able to arrange for data on their financial history to be transferred to other financial entities directly rather than having to deal with written records or PDFs, as is now most common.
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Tom Skotnicki is an experienced business journalist, based in Canberra. He has previously written for Business Review Weekly, News Limited publications and Management Today.
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