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.
ENDSContact: Stephanie Arena 0477 470 677 or Jamin Smith 0478 333 316
Latest news
Gary Adshead (Host): And what’s happening is the ACCC, Australian Competition and Consumer Commission are going to be given some funding to tackle this as an issue and then potentially ban debit card charges from January 1, 2026 that seems a long way away anyway. Let’s talk about it now with Anna Bligh, the CEO… Read more »
The ABA welcomes the Federal Government’s announcement to extend the Responsible Lending Obligations (RLO) exemption for small businesses. ABA Acting CEO Vanessa Beggs said it was critical banks were able to provide small businesses with the finances they need to operate and expand. “One in four SMEs report wanting to increase their capital investment, so… Read more »
Today the Australian Banking Association Council has appointed Melanie Evans, CEO of ING Australia, as its new Deputy Chair. The Council thanked the outgoing Deputy Chair, Marnie Baker, for her outstanding leadership during her tenure as Deputy Chair since 2019 and throughout her 35 years in the banking industry. Ms Evans said she was honoured… Read more »