{"id":2690,"date":"2021-08-23T02:56:30","date_gmt":"2021-08-23T02:56:30","guid":{"rendered":"https:\/\/basiq.io\/blog\/cdr-adoption-across-the-australian-economy\/"},"modified":"2023-11-27T22:39:29","modified_gmt":"2023-11-27T22:39:29","slug":"cdr-adoption-across-the-australian-economy","status":"publish","type":"post","link":"https:\/\/www.basiq.io\/blog\/cdr-adoption-across-the-australian-economy\/","title":{"rendered":"CDR adoption across the Australian economy and what&#8217;s next?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading eplus-NWCALA\">The Rollout of CDR<\/h2>\n\n\n\n<p class=\"eplus-4TEOhh\">At Basiq, the rollout of the CDR (Consumer Data Right) has signalled a huge opportunity and shift for both our platform, and more importantly, our customers. Aside from becoming an Accredited Data Recipient and joining the Open Banking advisory committee, we also regularly attend roundtable discussions with Treasury and the ACCC on the benefits and implications of rolling out the CDR.<\/p>\n\n\n\n<p class=\"eplus-a9ICyG\">The CDR has three main benefits for consumers as below and, so far, the roundtable discussions we&#8217;ve attended have focused on how these benefits will play out for sectors such as superannuation, non-bank lending, retail &amp; loyalty and insurance.<\/p>\n\n\n\n<ul class=\"eplus-UINZpk wp-block-list\">\n<li>Compare products and services quickly and easily, and access new products<\/li>\n\n\n\n<li>Control and share their data to make it work for them<\/li>\n\n\n\n<li>Enable data to be provided in a convenient to use standard format<\/li>\n<\/ul>\n\n\n\n<p class=\"eplus-qdYw0n\">But, what\u2019s really exciting is that none of these benefits are restricted to financial services. What sets the rollout of Open Banking in Australia apart, is that it is happening under a much broader, cross-economy rollout of consumer empowered data sharing. CDR data goes beyond banking and paves the way for a reusable framework that can be rolled out across multiple industries and increase data compatibility.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading eplus-Bdm2ge\">So what does this rollout look like and where are we headed next?<\/h2>\n\n\n\n<p class=\"eplus-DVn6Ex\">Currently, a rollout schedule has not been confirmed beyond Banking but we do know that the Treasury and the ACCC plan to deploy CDR across sectors using a combination of factors including:<\/p>\n\n\n\n<ul class=\"eplus-CtePvb wp-block-list\">\n<li>Consumer benefit (advantages of cross industry data, ability to make societal changes)<\/li>\n\n\n\n<li>Ease of implementation &#8211; e.g industry digital readiness, data rich sectors<\/li>\n\n\n\n<li>Impact on the industry, the intention is to enhance not kill off industry sectors<\/li>\n\n\n\n<li>Data privacy, for example the health industry will be one to be carefully negotiated<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading eplus-BMueYp\">What&#8217;s next after banking data?<\/h2>\n\n\n\n<p class=\"eplus-oQ0Il7\">Following Banking, the next industry to be targeted will be Energy followed by Telecommunications. The logical progression point from there will likely be across \u201cOpen Finance\u201d i.e. into Superannuation and Insurance. Given that there is only one ACCC and Treasury, this rollout will likely take some time and be fairly sequential.<\/p>\n\n\n\n<p class=\"eplus-g1cFmR\">Perhaps it&#8217;s more important to ask what the key benefits and use cases of this cross-economy rollout are. Well, beyond consumer access and control of data, it\u2019s really about the innovation potential of cross-industry data and actions that could potentially be initiated. As an example, we can take a look at how the process of booking a holiday (something many of us are dreaming of currently!) can be improved by cross-industry data.<\/p>\n\n\n\n<p class=\"eplus-9F8Qzi\">Typically, booking a holiday would involve a number of different websites and apps, whether it\u2019s to book flights, make sure your travel insurance is valid or if you have the right vaccinations to travel. With CDR data this could all be combined into one experience, making the whole process seamless and reducing the likelihood of forgetting something important.<\/p>\n\n\n\n<p class=\"eplus-B9aYjE\">Specifically, the purchase of accommodation in a certain location could trigger any number of the below:<\/p>\n\n\n\n<ol class=\"eplus-HPgc13 wp-block-list\">\n<li>A check to see if you already booked flights and if not a search for the best flights <\/li>\n\n\n\n<li>A check that your travel insurance is valid <\/li>\n\n\n\n<li>A check you have the relevant vaccinations to travel <\/li>\n\n\n\n<li>A check your passport is up to date <\/li>\n\n\n\n<li>A check that any visas are in place <\/li>\n\n\n\n<li>A check to let you know your mobile phone cost at the destination and any better options<\/li>\n\n\n\n<li>A recommendation of which of your bank cards and services will be lowest cost to use at your destination<\/li>\n\n\n\n<li>All your banks will also know you&#8217;re away and could for instance alert any card present purchases in your home location to prevent fraud<\/li>\n<\/ol>\n\n\n\n<p class=\"eplus-zEVGiM\">Note that in the above there are upsell items, benefiting the merchants and lifestyle assistance to the consumer. This merging of data from various industries and therefore consumer concerns moves further towards banking and finance as part of our lifestyle. There is also a focus in the evolution of CDR on Consumer Data Journeys, basically personalisation for a consumer based on life events.<\/p>\n\n\n\n<p class=\"eplus-9R3wDn\">Where will it end? Identity verification, health, agriculture, education, transport, ATO, a global CDR initiative? At Basiq, we have an industry agnostic set of core pillars to provide data consent &amp; governance, versatile insights &amp; enrichment engines and action initiation meaning the possibilities for cross sector and region data innovation are endless. Like a kid on a journey to somewhere fun, we just wish we could go faster!<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"eplus-yRPT6c\">If you&#8217;d like to discover more about the current rollout of the CDR and how you can prepare to leverage the data being made available, get in touch with us <a href=\"https:\/\/basiq.io\/contact\">here<\/a>.<\/p>\n\n\n\r\n<div class=\"accordion accordion--simple js-scroll-animation\" id=\"accordion\" data-aos=\"child\">\r\n\t<div class=\"accordion-item\">\r\n\t\t<div class=\"accordion-title\">\r\n\t\t\t<h5>\r\n\t\t\t\tArticle Sources\t\t\t<\/h5>\r\n\t\t<\/div><!-- \/.accordion-title -->\r\n\r\n\t\t<div class=\"accordion-header\" id=\"accordion-heading-article-sources69e0f9ec60d76\">\r\n\t\t\t<button\r\n\t\t\tclass=\"accordion-button collapsed\"\r\n\t\t\ttype=\"button\"\r\n\t\t\tdata-bs-toggle=\"collapse\"\r\n\t\t\tdata-bs-target=\"#accordion-article-sources69e0f9ec60d76\"\r\n\t\t\taria-expanded=\"false\"\r\n\t\t\taria-controls=\"accordion-article-sources69e0f9ec60d76\">\r\n\t\t\t\t<strong>\r\n\t\t\t\t\tArticle Sources\t\t\t\t<\/strong>\r\n\r\n\t\t\t\t<strong>\r\n\t\t\t\t\t<span>\r\n\t\t\t\t\t\tRead more\t\t\t\t\t<\/span>\r\n\r\n\t\t\t\t\t<span>\r\n\t\t\t\t\t\tRead less\t\t\t\t\t<\/span>\r\n\t\t\t\t<\/strong>\r\n\t\t\t<\/button>\r\n\t\t<\/div><!-- \/.accordion-header -->\r\n\r\n\t\t<div\r\n\t\t\tid=\"accordion-article-sources69e0f9ec60d76\"\r\n\t\t\tclass=\"accordion-collapse collapse\"\r\n\t\t\taria-labelledby=\"accordion-heading-article-sources69e0f9ec60d76\"\r\n\t\t\tdata-bs-parent=\"#accordion\"\r\n\t\t>\r\n\t\t\t<p>Basiq mandates its writers to leverage primary sources such as internal data, industry research, white papers, and government data for their content. They also consult with industry professionals for added insights. Rigorous research, review, and fact-checking processes are employed to uphold accuracy and ethical standards, while valuing reader engagement and adopting inclusive language. Continuous updates are made to reflect current financial technology trends. You can delve into the principles we adhere to for ensuring reliable, actionable content in our <a href=\"http:\/\/docs.basiq.io\/en\/articles\/8461896-basiq-s-editorial-policy\" target=\"_blank\" rel=\"noopener\">editorial policy<\/a>.<\/p>\n\t\t<\/div><!-- \/.accordion-collapse -->\r\n\t<\/div><!-- \/.accordion-item -->\r\n<\/div><!-- \/.accordion -->\r\n","protected":false},"excerpt":{"rendered":"<p>The terms CDR and Open Banking are often used synonymously. But the CDR is not just about one industry and Open Banking is just the beginning. Where is CDR heading and what\u2019s next?<\/p>\n","protected":false},"author":23,"featured_media":13832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[20],"class_list":["post-2690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basiq-insights","tag-cdr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CDR adoption across the Australian economy and what&#039;s next? | Open Banking API Platform - Basiq<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.basiq.io\/blog\/cdr-adoption-across-the-australian-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CDR adoption across the Australian economy and what&#039;s next? | Open Banking API Platform - Basiq\" \/>\n<meta property=\"og:description\" content=\"The terms CDR and Open Banking are often used synonymously. 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