{"id":6963,"date":"2020-12-21T05:05:52","date_gmt":"2020-12-21T05:05:52","guid":{"rendered":"https:\/\/www.innovationaus.com\/?p=15770"},"modified":"2020-12-21T05:05:52","modified_gmt":"2020-12-21T05:05:52","slug":"the-cdr-why-all-eyes-are-on-australia","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2020\/12\/21\/the-cdr-why-all-eyes-are-on-australia\/","title":{"rendered":"The CDR: Why all eyes are on Australia"},"content":{"rendered":"
As a proud Aussie, even<\/strong> I will admit there aren\u2019t too many occasions where we are seen as a leader. Great cricket and rugby teams sure, and some amazing cultural exports too. But when it comes to finance more broadly, our nation has tended to be a bit of a laggard.<\/p>\n Not anymore. With the Consumer Data Right (CDR) the country is now a testing ground for many of the elements that form the concept behind open finance. The CDR is taking some of the ideas and notions from open banking and even rules such as GDPR and extending it across other data sets that encompass our financial lives.<\/p>\n The CDR promises to empower consumers to use and re-use their data in new and meaningful ways. To say this is revolutionary for Australian financial services and beyond is not overselling it. Much like the UK, the market has been dominated by a core of large banks, aka \u2018the Big Four\u2019 of ANZ, Commonwealth Bank, NAB and Westpac.<\/p>\n