The Consumer Data Right will give Australians the ability to choose who they share their financial data with securely, efficiently and with full control.
Accredited lenders, fintechs and other firms can now also give their customers more insights about their spending and saving habits, and will be able to significantly improve assessment times, be more consistent in applying lending rules, and enable automation through income and expense assessments.
Under the open banking framework, businesses can:
- access customers’ bank statements quickly
- better factor and price in risk
- enable automation through income and expense assessments
- offer more meaningful insights to customers on spending and saving
- improve assessment times
- be more consistent in applying lending rules.
Businesses that don’t embrace the power of data and related infrastructure may find it harder to compete long-term.
We’re proud to share the news that illion Open Data Solutions has now been accredited by The Australian Competition and Consumer Commission (ACCC) as a data recipient under the Consumer Data Right.
We are one of the first Australian organisations to become a trusted open banking partner.
With more than 100 years’ experience in the Australian and international financial arenas, we are proud to be amongst the first Australian organisations playing such a key role in this new financial ecosystem which puts data security and consumer privacy protection front and centre.
illion Open Data Solutions is built and optimised to position illion at the forefront of Open Banking in our region. Leveraging Open Data Solutions’ suite of products, businesses can achieve fast, secure and extensive data to aid in lending and verification processes.
Open Data Solutions’ proprietary technology retrieves data from over 220 banks, credit unions and other institutions in Australia, with a further 20 institutions in New Zealand. With a purpose-built proprietary categorisation engine for analysis of financial data, businesses can simplify the process of income and expense verification using industry leading algorithms.