fbpx
Skip to main content
New Financial Assistance Hub

Open Data, great news for consumers if done right

26 March 2018

Australia’s banking industry is committed to the success of open data and believes that if done properly it can empower customers to achieve better deals and make more informed choices.

While the Australian Banking Association believes that its introduction can be a positive for consumers it has highlighted some areas that need a greater level of detail and discussion before its introduction.

Australian Banking Association CEO, Anna Bligh, said it’s vital that customers understand the process and that their data remains safe and secure.

“Our number one area of concern is around customers understanding what they are consenting to and what their data will be used for. Banks take data privacy and security very seriously,” Ms Bligh said.

“Just recently it was revealed that data from a social media platform was being used for other purposes, we do not want to see a repeat of this with the introduction of open data in Australia,” she said.

The industry also believes that a 12-month time frame is too short to properly implement such an important reform.

“The banking industry believes that rules and standards must first be designed to ensure consistency across all industries that will eventually take part in the sharing of data,” Ms Bligh said.

“Customer safeguards and appropriately designed security and standards are vital to the scheme’s long-term success.

“Along with a number of other industry bodies the ABA are calling for a more appropriate timeframe to properly implement this reform,” she said.

In its response to the Farrell Report the ABA has highlighted several key areas to ensure that the introduction of open data is a success and protects customers, this includes;

  • A phased introduction
  • Reciprocity principle, particularly as it applies to sharing across industries
  • Clear service levels on how data is to be made available
  • Customer control over data should be paramount.

For a copy of the submission click here.

ENDS
Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Don’t fall for a fake cupid this Valentine’s Day  
13 February 2024

Love is in the air, but so are scammers looking to exploit the season of hearts and flowers.   As Valentine’s Day approaches, the Australian Banking Association (ABA) urges everyone to be extra cautious and scam-proof their heart from romance scams and other fraudulent schemes.  “Scammers play the part and prey on people’s emotions,” ABA CEO… Read more »

Read more
Banks hardship teams on standby to help cyclone-impacted communities in Queensland 
31 January 2024

Banks have dedicated hardship teams on standby to help those impacted by Tropical Cyclone Kirrily and the Australian Banking Association has urged those in need of financial assistance to reach out.  “With the second major cyclone in as many months followed by torrential rain, people in Queensland have been dealt yet another serious blow. I… Read more »

Read more
Media Releases
Banks stand ready to support cyclone-impacted communities in Far North Queensland 
18 December 2023

Today the Australian Banking Association has told Queenslanders impacted by major flooding as a result of cyclone Jasper that banks have teams on standby to help those in need.  “The ABA urges anyone in need of financial assistance to reach out to their bank, and to do so as early as possible. Dedicated hardship teams… Read more »

Read more