Consumer Data Right: Will Fortune Favour the Brave? | CDR Month Satellite Event
Join us for a thought-provoking panel conversation on the future of Australia's Consumer Data Right (CDR). As the CDR stands at a critical fork in the road, with one direction calling for steady improvements and the other demanding greater industry participation, we ask: will fortune favour the brave?
Since its launch in 2019, the CDR has been hailed as a game-changing initiative that will propel Australia towards a consumer-led data-driven economy. But with slow uptake and challenges in adoption, what's standing in the way of realizing its potential?
As we delve deeper into the world of Consumer Data Right (CDR) and Open Banking, it's clear that the road ahead is not without its challenges. Slow adoption and a lack of awareness have hindered progress, but there are three key drivers of the ongoing debate that we need to consider.
Firstly, the quality of data provided by Data Holders has been criticised, and there are calls for stronger penalties to enforce higher standards. The regulator, the ACCC, has also come under fire, but recent indications suggest that they are stepping up to the plate.
Secondly, Action Initiation is a potential game changer that would allow third parties to act on behalf of consumers to complete functional tasks. This has been implemented successfully in the UK and Europe, and a Bill has been introduced to parliament to bring it to Australia.
Lastly, cyber security and data breach risks are a genuine concern, and the ABA is calling for a slowdown of CDR. However, many argue that the current process of 'screen scraping' is worse and lacks regulation. The government has responded by investing $88.8m into the program to address these concerns.
As we move forward, the success of CDR and Open Banking will hinge on how well we tackle these and other challenges. The potential for disruption is enormous, and it's up to all of us - government, regulators, and industry players - to ensure that consumers benefit from this exciting new era of data-driven innovation.
Join us as we explore the history, current challenges, and future potential of the CDR, and how it can empower consumers to take control of their data and drive innovation in key industries.