CDR Month Recap
Nurturing seedlings 🌱
Seeds were planted in November 2022 for a month-long campaign to support in future proofing the success of the Consumer Data Right. The three partnering associations came together to nurture and cultivate them to grow. United with a vision to bring the community together, raise awareness, catalyse the right conversations and explore the limitless potential of this reform called the Consumer Data Right.
Needless to say these seeds sprouted and created a community garden throughout June.
Across the month we saw over 20 organisations get behind 11 different events with a total audience of close to 800 people representing government, various industry sectors, academia and civil society. Ultimately, the Aussie citizens and consumers that are meant to be the beneficiaries of all the energy put into this ambitious reform and digital transformation we call CDR.
The inaugural CDR Month was really a proof of concept. One we hope inspired more of the right conversations we needed to have. Now to translate them into the meaningful action required to realise the potential of the Consumer Data Right.
Let’s recap on the month of activities that took place.
Welcome Event
It was a thought provoking evening at Tank Stream Labs in Barangaroo as the sun set on Sydney.
Steve Kemp from Intuit provided compelling opening remarks. Emphasising the importance of celebrating the Aussie innovation the Consumer Data Right represents and coming together to explore and realise the potential of this world leading reform.
Simon Docherty Chief Customer Officer, Frollo and Phil Quin-Conroy, GM, Debt Advice & Growth Initiatives, AMP, discussed the benefits of Open Banking for AMP and its advisers, how the solution works, and what the future holds for this exciting partnership with Frollo. Sharing insights into what is missing from CDR to help realise its potential and stimulating some excellent discussions amongst the attendees that we’re confident will translate to meaningful action into the future.
Canberra Roundtable
AIIA hosted a discussion diving into action initiation, regulatory frameworks, the global comparative context with reps from Singapore and New Zealand, the big picture for digital economy policy, digital identity, and the centrality of use cases and life journeys. It was a sustained and useful discussion looking ahead to the future of CDR as well as its foundations & raison d'etre.
Taking part in the discussion with a combined and engaged audience of 90+ people online and in-person were representatives from Intuit, Australian Banking Association (ABA), Business Council of Australia, Law Council of Australia, the Treasury, ACCC, UNSW, Adatree, Frollo, Biza.io, Tic:Toc, Skript, Personal Data Protection Commission (PDPC) of Singapore, Payments NZ Limited, the Ministry of Business, Innovation and Employment of New Zealand, WayForward, Reason Group, Envestnet | Yodlee, Mastercard and NAB.
The day in Canberra finished up with delightful drinks and food sponsored by Biza.io. Stuart Low the CEO and Founder of Biza, provided a compelling call to action for industry and the broader CDR community. That it’s time for industry to step up, come together and move from lobbying to leading.
Stuart Low said: “We needed the Government to take us from zero to one, but now it’s our opportunity to take it from one to beyond.”
A few days prior Biza announced CDR Plus as a community project to introduce enhancements and new features into the Consumer Data Right ecosystem.
You can learn more about CDR Plus here.
CDR Showcase
The marquee event for CDR Month hosted by Fintech Australia saw over 230 people come to explore the limitless potential of the CDR. And it was a full house for the first ever CDR Showcase! With an audience spanning industry, government and academia enjoying an afternoon packed full of thought-provoking discussions.
Professor Ross Buckley set the scene for the day with an opening keynote on the CDR's role as the sanitation system for the digital economy. Some of the big names in payments - Katrina Stuart, Simone Joyce, Christian Westerlind Wigstrom, and Trevor Wistaff - took to the stage for a panel discussion on the future of payments, CDR and action initiation.
The real highlight came next, with six founders presenting to the audience in a 'pitch style' session on the CDR powered use cases they are building and bringing to market. It was fantastic to see so many exciting use cases already in the market improving the lives of consumers and small businesses.
The panel on how banks are taking advantage of CDR brought some insightful discussion between Brenton Charnley from Mastercard, Howard Silby from NAB, Chris Malcolm from P&N Bank and Tonia Berglund from Equifax Australia.
Before everyone eagerly got into networking drinks and food Richard Koch from Open Banking UK joined Lars Leber from Intuit and Jodi Ross from Tic:Toc to discuss international perspectives and the factors that led to the success of UK's Open Banking.
Thanks again to our fantastic event sponsors who made the CDR Showcase a success - Investment NSW, Envestnet | Yodlee, Intuit, Waave. It was the culmination of a month full of collaboration across the CDR ecosystem and drawing attention to the hard work being done by so many to ensure this reform fulfils its potential.
Satellite Events
We had many different organisations come together to make CDR Month what it was. This really demonstrated the keen interest from so many people to get behind what we were trying to do.
One of the initiative partners Financial Data & Technology Association hosted a webinar at the start of the month that explored the bigger picture. Discussing how we might realise the limitless potential of CDR and work towards building a trustworthy digital economy. With key messages to elevate the consumer voice, create an environment for more experimentation and that to be ambitious does not mean to lose pragmatism.
▶️ You can watch the full webinar recording here.
Insurtech Australia hosted a webinar on the opportunities from open insurance and the emerging CDR ecosystem. With an insightful discussion on what can be learned from the insurance sector now and what opportunities exist for the sector to be involved. Importantly where progress can be made through industry leadership despite the sector not being designated.
▶️ You can watch the full webinar recording here.
Ajeka - Consumer Data Right: Will Fortune Favour the Brave?
Hosted at the Ajeka Headquarters in Brisbane, a panel of industry leaders came together to challenge old narratives and embrace the theme of tangible change. Their insights fuelled a call for a deeper collaboration between industry and government, driving us towards a future led by voluntary action and industry-driven initiatives. Look out for more insights and events on CDR coming from Ajeka into the future!
Envestnet | Yodlee hosted a webinar Open Banking Around the World where experts discussed the different paths toward open banking accreditation and use cases by region, including lending, payment initiation, and personal finance. Covering the similarities and differences between regions and highlighting best practices for accessing financial data. Demonstrating the movement happening globally to bring open banking and finance to life.
▶️ You can watch the full webinar recording here.
The Proptech Association Panel and CDR Month: Exploring CDR’s limitless possibilities for the real estate sector brought together an expert panel to discuss Australia’s Consumer Data Right and it’s relevance to the property sector. Representatives of Basiq, Envestnet | Yodlee, Greener, and Accurassi explored innovative use cases for open banking and open energy in the real estate sector including tenant experience, digital mortgages, green finance, sustainable procurement, carbon offsetting, energy purchasing, smart homes, and more!
▶️ You can watch the full webinar recording here.
ACSISS by SISS Data Services hosted an in person event at the fabulous Hinchcliff House “Embracing the future of accounting: Data Feeds & Open Banking”. John Dunkerley set the scene, explaining why open banking is a game-changer for advisers, then Rebecca Mihalic, Andy Forbes, Damien Greathead joined Grant Augustin to discuss the impacts this has for accountants, small business and SMSFs. A fruitful discussion on the transformative impact CDR can have in the SME space.
CDR Month Reflections Webinar hosted by Zepto to reflect on what we've heard and learnt during the month. Simeon Duncan from Intuit, Mathew Mytka from FDATA ANZ, and Trevor Wistaff and Gabe Perrottet of Zepto shared their key outtakes from the activities held throughout June as part of the CDR Month initiative. They debriefed on what the month has achieved in terms of building awareness of what’s possible with the CDR and how industry and government can continue to work together to build and develop this significant piece of digital infrastructure.
▶️ You can watch the full webinar recording here.
Overall this month's campaign brought a renewed sense of shared purpose around CDR but also a sense of urgency to work together better to realise the potential. There is still much work to do for this reform and digital transformation to bring benefits to current and future generations.
Let’s keep the momentum going!
Sponsors messages for the inaugural CDR Month!
Australia is at a digital crossroads. Amid economic challenges, it's essential for the government to implement the proposed v5 rules, which were designed to enhance small businesses participation in the Consumer Data Right (CDR). These rules, gathering dust for nearly a year, can unlock significant growth opportunities for over 2 million SMEs using accounting software platforms. The CDR can provide a real-time financial snapshot, simplify cash flow management, and introduce alternative lending models. The time is now to empower SMEs, the lifeblood of our economy, to control and share their data for their benefit, fuelling business productivity and economic growth.
It was great to see the level of interest and participation from those interested in getting access to CDR data. The events have helped organisations understand how to implement CDR enabled products and services, and RSM Australia looks forward to supporting more organisations on their CDR journey. Having provided CDR accreditation, compliance, information security assurance, and advisory services to over 60% of the FinTech Accredited Data Recipients (ADRs), RSM would like to offer CDR month subscribers interested in building products/services using CDR a free one-on-one workshop to validate their use case and discuss their options for accessing CDR data. Please contact darren.booth@rsm.com.au to register for the workshop. For more information on RSM's CDR services please visit the RSM website.
Envestnet | Yodlee
For us at Envestnet® | Yodlee®, what really stood out during CDR Month is the breadth of open banking use cases that are live in the Australian market right now. Going forward, we’re really excited to see how banking and energy data can work together. We also see interesting possibilities for the Trusted Adviser and CDR Insights models individually and in combination with other access pathways. For anyone not sure about what data you can access via CDR, we’d love to get you into our sandbox developer environment, with realistic test data and tools, so you can put your app through its paces.
Raidiam
CDR Month has provided the perfect moment to reflect on what’s been achieved so far and the opportunities of the future. We’re only at the start of seeing what opening up data rights can do for consumers; the use cases and innovations it enables are a fraction of what will exist in years to come. This gets to the heart of why Raidiam exists. We create trusted data sharing ecosystems that ultimately enable consumers to access and use their data to get the products and services that they want. It’s a future full of possibilities.
National Australia Bank
As a proud supporting sponsor of the inaugural CDR Month, NAB thanks all involved for sharing insights and shining a light on Australia’s Consumer Data Right (CDR). The CDR is a transformative regime, with the potential to enable innovation and empower consumers with control over their data. As an active data recipient, NAB is focused on how we can utilise the CDR to better serve our customers.
Biza.io
It's been a big month for the CDR and we're thrilled to have been a part of such a milestone event for the industry. From hosting the Canberra Roundtable drinks to our CEO Stuart Low speaking on a panel and the launch of our new CDR+ initiative. The past month has given us pause to reflect on the incredible minds working to make the CDR succeed, as well as appreciate all the friends we've made along the way. We are excited for the year ahead and can’t wait to see you all back at CDR Month 2024!
K&L Gates
CDR Month was a great celebration of the progress to date on Open Banking in Australia and the emerging Open Data economy. And a good opportunity to look to the future of CDR and the collaboration needed to make it a success. K&L Gates was proud to support CDR Month, just has we have always been proud of our work supporting FinTech Australia's CDR Working Group.
