Bank becomes the latest strategic investor into the Australian data sharing marketplace as it strives to better tap data for customer insights
ANZ Bank has become the latest strategic investor into data sharing market place, Data Republic, under a new partnership aimed at lifting the banking institution’s data insights game.
The new partnership provides ANZ with access to the vendor’s data sharing control platform, which allows organisations to store, categories and share data with third parties. In a statement, ANZ chief digital officer, Emma Gray, said the partnership is about getting more out of the bank’s existing data sets in a safe and secure environment equipped with significant governance and protocols.
The partnership kicks off in late March and will prioritise greater customer insights and operational improvements.
“Using data analytics and insights to deliver better customer outcomes more often is an essential part of how we need to operate in the digital economy,” she said. “Through the cloud-based platform, we will now be able to access trusted experts and other partners to develop useful insights for our customers in hours, rather than months.”
Data Republic CEO, Paul McCarney, welcomed ANZ as an investor and user of the platform and said the partnership will allow the bank to “future-proof its data collaboration capabilities”.
“It will ultimately position ANZ to overcome many of the challenges and potential risks associated with open data, data sharing and the Federal Government’s recently announced open banking reforms,” he said.
The deal makes ANZ one in a number of key investors in Data Republic, a list that also includes keystone partners such as Qantas Loyalty, Westpac, Qualgro VC and NAB. An AFR report suggested ANZ had invested as much as $2 million into the startup.
Data Republic secured $10.5 million in its first funding round in mid-2016, gaining the support of Qantas Loyalty, NAB Ventures and Westpac’s Reinventure Fund.
Since then, the group has struck a number of strategic deals, including a contract to launch a data sharing platform for the NSW Government Senate, a core component of the state Government’s digital strategy announced last May by the NSW Minister for Finance, Services and Property, the Hon. Victor Dominello. The platform is expected to provide a secure and controlled ecosystem for data sharing across government agencies, companies and social good organisations.
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