Australia's Consumer Data Act goes live for data sharing

Customers can now share their banking data to access personalised financial products.

Australian consumers from all four major banks can now choose to share their banking data to access more personalised financial products and services following the launch of the Consumer Data Right, according to the Australian Competition and Consumer Commission (ACCC).

All four major banks can now share their customers’ data when requested by the customer, which marks a major step for open banking in Australia.

For a start, individual customers can now request that their bank share their data for deposit and transaction accounts and credit and debit cards. Beginning 1 November, consumers will be able to share their data relating to home loans, investment loans, personal loans and joint accounts.

Other authorised deposit-taking institutions will join the Consumer Data Right over the coming year, added the ACCC.

Already, two accredited data recipients that have completed the necessary steps to securely receive data. A further 39 providers have already begun the process to become accredited data recipients.

“The Consumer Data Right gives consumers control over information banks already collect about them. Importantly, from today, it allows consumers to share that data with other businesses, such as fintechs, that may be able to provide them more personalised services and competitive offers,” ACCC commissioner Sarah Court said.