Innovation in financial technology - fintech - is important to many things we do at ANZ, particularly in our dedicated innovation and investments function ANZi. ANZi invests in fintech startups, builds and launches new companies, and develops relationships and growth opportunities.
"Consumer confidence from the get go will ensure Australia can gain ground in the digital economy.”
Through ANZi, the bank has made investments in fintechs like Lendi, the home loan origination platform; Data Republic, a data platform; and Slyp, an interactive smart receipts platform.
When it comes to data, the fuel of such innovation, the consumer data right (CDR) will provide new opportunities for both fintechs and banks and has the potential to provide important benefits to Australian consumers.
ANZ strongly supports the CDR and is working hard to make bank data available through open banking.
We have already made a range of product data available through open banking, enabling third parties to retrieve information about the products we offer. And later this year we will take the first step of making the first tranche of our customer’s data available to third paties – should our customers provide their consent, of course.
But we don’t just support the application of the CDR to banking, we support its expansion to other parts of the economy. Whether it’s the energy sector, or the telecommunications sector we think the CDR can be harnessed to create even more opportunities for consumers.
Currently, the regime currently has one level of accreditation to receive bank data. To get this level of accreditation, entities must prove they can meet a high level of data security. This is appropriate because the data currently in play is customer bank records.
But we also see an opportunity to introduce additional levels of accreditation with lower thresholds.
These additionallevels of accreditation would allow entities to access either less sensitive CDR data or simply insights from data, rather than the data itself.