Analysis
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.
James EyersSenior ReporterThe 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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