They built it – but nobody came. Consumer data right needs help
Privately, bank bosses remain highly agitated about being more open about the valuable data they hold, the sharing of which could make competition more intense.
The consumer data right has clearly not been an example of “build it, and they will come”.
The Australian Banking Association says only 0.3 per cent of customers are using it. It sees the ultra-low take-up as a trigger for a deeper conversation about how the right could be improved, such as simplifying the rules and reducing the costs of compliance.
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James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
