Australian Data Exchange Forges A Leadership Path In Data Facilitation.

Personal data shared direct from individuals with consent presents enormous potential for innovation, as well as the development of personalised offers, for banks and businesses, health services and governments worldwide.

While data can be the fuel for a whole host of new services, and the bedrock of a growing sharing economy, the need to ensure privacy and the complexities of compliance are creating significant barriers to entry and causing marketplace challenges. Companies all trying to solve these issues on a one-by-one basis is inefficient, holding back open banking – and the wider data economy – from reaching its true potential.

Simplicity is the solution, under a new and fast-growing model where data is held by the individuals who create it, then shared with consent and on demand. This removes compliance and cost bottlenecks at a stroke, opening the door to unlimited innovation and progress.

The enormous potential of this new sharing model has led to a surge of data-enabling technologies, notably within the financial service arena, where plug-and-play models are disrupting traditional banking services and opening up a wealth of new options and services for consumers.

This is truly a win-win situation for both parties. Businesses – including fintechs, insuretechs, superannuation and banking operators – gain access to vastly richer, wider and accurate data sources directly from consumers. This, in turn, opens the gate to a wave of hyper-personalised and consumer-centric financial services that can be developed rapidly without the complex systems needs or time required to establish and maintain costly backend infrastructure.

Australian Data Exchange is forging a leadership path with in this area as an intermediated data enabling platform service underpinning and accelerating Australia’s Consumer Data Right (CDR) regime. This gives consumers greater control over the consented use of their own data, including the ability to securely share it.

This data-enabling environment supercharges the CDR’s intermediary potential, allowing app developers the ability to create tailored services which leverage’s ethical data services with direct-to-consumer access to harness wider, multi-source and consented data.

This gives early stage businesses, in particular, to ability to jump to the next level, confident that all consent and privacy considerations are taken care of, and leaving them free to focus on developing their USP. The platform is already powering apps and services from diabetes management to Covid safety to the future of ecommerce and, importantly, never sees, touches or holds any consumer data.

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