What the consumer data right could do for Australian brands

With open banking now a reality in Australia, we explore the impact the new data rights access has not just on banking, but in the eyes of consumers more broadly.

Success factors

What then becomes critical to the success of the CDR is ensuring it’s easy for customers to interact with their data, that their customer privacy is safeguarded, and that the data is used only by entities within the CDR regime.

“If these aspects are not handled carefully, it will impact trust in the process and limit the potential of CDR,” Lawrence says.

Should all go to plan, extension of the CDR bodes well for consumers, as well as for those organisations in any industry that have come to understand and plan for the CDR first. At Xinja, for example, Cook says the wider rollout of the CDR provides ample opportunity for new forms of relationships beyond what a customer might normally expect from a bank.

“When industries such as banks and telco start to integrate through open banking, we can see what customers are paying and using,” Cook says. “So they can opt to have businesses bid for them in that way based on their data, but in a safe, controlled environment.”

And that creates opportunities for new forms of service providers not confined to specific industries.

“The most successful companies on earth right now do not confine themselves to verticals or think vertically,” Cook says. “They think horizontally. They are platforms that use ever-increasing data skills to manipulate customer data to provide incremental services to customers.”

Hence she says Xinja has adopted social handles such as @xinjamoney, rather than @xinjabank.

“I don’t want to be defined that closely because I do think there is more fluidity here, and I think certainly we will be looking at helping people make more out of their money,” Cook says.

Disruptive force

So while the CDR itself may be some way off becoming a reality for both energy and telecommunications, those organisations investing now to understand its impact may find themselves not just improving their positions within their own markets, but in the eyes of consumers more broadly.

According to Iyer, opportunities exist to link up various service providers to not just deliver the best possible deal for consumers, but also to create chains of services that automatically act on behalf of the consumer based on the rules they set.

“It will be a utility-based economy,” Iyer says. “It is beyond just the consumer being able to make informed choices. It is enablement for the consumer to have those informed choices made on their behalf by others if they so want.”

“Marketers need to know about this because they are the engine that can get this information out and really make a difference for organisations.”

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, follow our regular updates via CMO Australia's Linkedin company page, or join us on Facebook: https://www.facebook.com/CMOAustralia.  

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