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, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
