What is Open Banking?
What is Open Banking?
The Consumer Data Right (CDR) is an opt-in service that gives consumers greater access and control over their data.
The initial stage of the CDR, commonly called Open Banking, requires credit unions and banks to make their product data publicly available. This enables accredited organisations, such as comparison sites Mozo.com.au or Canstar.com.au, to present detailed comparisons of products offered by banks and credit unions in terms of interest rates, fees and charges and product features, making it easier for consumers to compare products such as personal loans, credit cards or savings account.
The current stage of the CDR enables consumers to authorise their credit union or bank to share their data with accredited organisations, making it easier to compare and switch products and services or access new and improved services.
Open Banking is an opt-in service that we provide, meaning members choose whether to use it or not. Learn more about what Consumer Data Right is, and how it will benefit you in Australia.
Learn how to use Open Banking
How Open Banking may benefit you
The aim of Open Banking and the CDR is to increase competition in financial services, by enabling you to access your data and negotiate better deals and save money. It will make it easier for you to compare and switch between products offered by credit unions and banks, or provide your transaction data to a CDR-accredited app or website.
The CDR will eventually extend to other industries, including energy and telecommunication providers.
Frequently asked questions
View all Open Banking FAQsOpen Banking, also known as Consumer Data Right (CDR) is an opt-in service which gives you greater access and control over your data.
The current stage of Open Banking allows you to authorise your credit union or bank to share your data with other accredited organisations, making it easier to compare and switch products and services or access new and improved services.
Learn more about Open Banking, and how it will benefit you.
Open Banking aims to give you greater visibility and control over your banking data, greater ease of comparison between products and services in terms of both price and quality, and the ability to switch between providers more quickly and easily – all without pesky paperwork.
Open Banking is a government initiative and only accredited organisations can take part. Financial institutions and other companies that participate in Open Banking will need to adhere to strict security standards when accessing and storing your data and will be subject to the Privacy Act. And accredited organisations will only be able to access data at your request.
Open Banking is also regulated by the Australian Competition and Consumer Commission (ACCC), the Office of the Australian Information Commissioner (OAIC), the Treasury and the Data Standards Body (DSB).
Open Banking is an opt-in service, which means you choose whether to use it or not.
If you choose for us to share your data with another organisation using Open Banking, you will need to have Internet Banking access. If you don’t have Internet Banking, we can help – simply call us on 13 8777.
Under the CDR legislation, we will not charge you to share your data with an accredited third party, and we won’t charge accredited third parties to access your data either.
Visit the CDR website for lots of great information and videos or check out our Open Banking page for detailed instructions.