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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“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.