All of us at Hound are relieved to hear that the Federal Government will reset the Consumer Data Right (CDR) to deliver better outcomes for consumers.
Stephen Jones, Assistant Treasurer and Minister for Financial Services, said the CDR has potential to deliver real economic transformation but its unwieldy form made widespread take up too slow.
Reshaping the CDR will ensure Australians can unlock the value of their data and improve cost effectiveness, take up, and deliver better financial outcomes for consumers.
This is a good thing – the CDR needs a reset. From our experience it’s a well-intentioned initiative but not getting airplay as it’s misunderstood and treated with suspicion.
The CDR has to be less cumbersome for people to use – better minds than mine can make it more efficient.
I believe that it’s important to include an education campaign component of the reset. When it comes to cybersecurity, everyone has been told for years not to click on links. However, this is standing in the way of take up. I understand the importance of data security and keeping bad actors out, but there needs to be an awareness campaign around how the CDR works and its benefits.
Introducing communication around CDR would have a significant impact, and would make it more easily understood.
Mortgage brokers who have a subscription to Hound get CDR access for their home loan customers automatically included at no extra cost.
The CDR is in the best interests of the Australian consumer. We look forward to the new and improved version of the CDR that allows consumers to safely share data that businesses hold about them, and helps consumers find offers that best match their needs.
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