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Customer owned bank at the forefront of Consumer Data Right innovation

July 3, 2020 Financial No Comments Email Email


The Customer Owned Banking Association (COBA) has congratulated Regional Australia Bank for being one of only two accredited data recipients at the commencement of open banking.

With its head office in Armidale NSW, Regional Australia Bank is pioneering the industry application of the Consumer Data Right (CDR) with a process that fast tracks applications for personal loans. Once applicants provide consent, bank staff can access transaction history with the major banks, cutting down on processing time. Later in the year, the banking institution will apply the same process to home loans.

“As a customer owned bank, Regional Australia Bank is integrating cutting-edge technology with customer-centric thinking,” said Michael Lawrence, CEO of COBA.

“Our member has shown leadership in embracing the opportunities of the CDR.

“Customer-owned banks embrace innovation as demonstrated by their record as early adopters of the New Payments Platform and digital wallet solutions such as Apple Pay.

“Consumer data sharing obligations for all banks other than the four major banks commence in a phased timetable starting from 1 July next year.

“We see the CDR as having huge potential to benefit consumers and drive competition in banking, but achieving compliance with the requirements of the CDR regime is a significant challenge for any bank. It is a complex regulatory regime, administered and enforced by three separate regulators.

“It will take time and resources to make the transition and this task is particularly challenging in the current environment.

“Banking institutions also have to manage the interplay of their CDR obligations with their obligations under APRA’s prudential standards, as financial services and credit licence holders, as reporting entities under AML/CTF, as subscribers to the ePayments Code and as trusted providers of essential services to their customers.”



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