4 April 2017
Sydney, 4 April 2017: Ahead of the Treasurer’s imminent release of the Productivity Commission’s final report into Data Availability and Use, the Australian Bankers’ Association is today hosting a symposium to share views on how to get the right outcomes for customers.
Representatives from Australia’s leading banks, fintech community, consumer organisations, regulators and digital and privacy experts will discuss the benefits and risks of open data, and hear about the United Kingdom’s experience from Open Data Institute expert David Beardmore.
ABA Chief Economist and Executive Director – Industry Policy, Tony Pearson, said the banking industry supported expanding access to customer data as long as there were adequate privacy and security safeguards.
“Designed properly, expanding data access will give customers valuable information to find better deals with their financial products and services. The most important thing is ensuring customers’ privacy is protected and their data is secure.
“It will take a shared effort between banks, governments and others in the financial services community to get this right,” he said.
“Today’s event will help identify how to ensure customer protections are in place, and help customers understand the benefits of data sharing.
“The banking industry looks forward to working with the Federal Government and other stakeholders to ensure that any changes to make data more readily available for customers are done in ways that maintain customer privacy and security.”
Mr Pearson said Australia should use the opportunity to learn from the international experience.
“For example, banks in the UK have been working with their government for some years now on data sharing, so there are lessons to learn about the challenges they have faced, and issues which are yet to be resolved,” he said.
The full program for the symposium is attached.
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“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.